National Agency to Promote the Participation of Eritrean Citizens in the Ownership of Public Enterprises Establishment Proclamation (No. 171/2012). | Land Portal

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LEX-FAOC152190
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This Proclamation establishes the National Agency to Promote the Participation of Eritreans in the Ownership of Public Enterprises, defines its functions and powers and provides with respect to its administration. The Agency shall undertake, implement and ensure the participation of Eritreans living in Eritrea and abroad in national economic development activities through the direct transfer of ownership of Small Public Enterprises or of shares in Public Enterprises converted into share companies. The Agency shall be governed by a Board and shall be accountable to the President of the State of Eritrea. The Agency shall have the powers and duties to, among other things: (a) identify the Public Enterprises that shall be converted into share companies and/or those already existing as share companies that would offer shares to Eritrean citizens; (b) identify Small Public Enterprises the ownership of which shall be transferred to Eritrean business organizations, associations and individual citizens.The terms and conditions for the transfer of ownership of Small Public Enterprises, which may vary among enterprises depending on the sector as well as the nature and importance of each enterprise, shall, in accordance with the relevant Eritrean laws, be stipulated and documented in a contract of sale between the concerned Government entity and the buyer. The contract of sale shall, inter alia, include a stipulation that such purchase and transfer may not create an opportunity solely to amass land in disguise and that the size of land may be re-parceled so as to adjust it to the business purposes of the enterprise.

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