The government approves the plan for the equitization of Song Con One-Member Limited Liability Company.

(Baonghean.vn) - Deputy Prime Minister Vuong Dinh Hue signed a document (No. 901/TTg-ĐMDN dated June 27, 2017) approving the plan to restructure Song Con Agricultural Company Limited (Nghe An) by converting it into a joint-stock company, with the State not holding a controlling stake.

The Deputy Prime Minister requested the People's Committee of Nghe An province to be responsible for determining the percentage of state capital to be held when equitizing Song Con Agricultural Company Limited, in accordance with the provisions of Government Decree No. 118/2014/ND-CP dated December 17, 2014, on the restructuring, innovation, development, and improvement of the operational efficiency of agricultural and forestry companies, and the actual situation.

Rubber processing at Song Con Agricultural Company Limited. Photo: Chau Lan

The approval decision also requires the People's Committee of Nghe An province to urgently implement the steps for the equitization of Song Con Agricultural Company Limited in accordance with current State regulations. The company's land use plan must be implemented according to regulations; at the same time, the company must be directed to use the land for its intended purpose, and any change in land use purpose must be approved by the competent authority in accordance with the approved provincial planning and the provisions of the law.

For land areas transferred to local authorities, plans and zoning must be developed to manage and utilize them in accordance with the regulations of Government Decree 118/2014/ND-CP dated December 17, 2014, on the restructuring, innovation, development, and improvement of the operational efficiency of agricultural and forestry companies.

Before submitting the proposal to the Government for approval, the People's Committee of Nghe An province reviewed the company's operations, land fund, and state-owned assets, and held numerous meetings to discuss options for the equitization of Song Con Agricultural Company Limited.

In the upcoming phase, the People's Committee of Nghe An province will continue to transform and equitize 12 agricultural and forestry enterprises in the area.

» Proposed restructuring plan for 12 state-owned enterprises in Nghe An

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