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blue-check Decision on private placement of shares must also reach the voting ratio of at least 65%

Official letter No. 421/QLKTTW-DN dated June 3rd, 2021of the Ministry of Planning and Investment regarding offering shares regulated at Article 148 of the Law on Enterprises
Posted: 3/6/2021 2:08:36 PM | Latest updated: 22/7/2021 1:46:38 PM (GMT+7) | LuatVietnam: 5221 | Vietlaw: 518
VietlawOnline

According to Point a Clause 1 Article 148 of the Law on Enterprises No. 59/2020/QH14status2 , a resolution of the General Meeting of Shareholders on "types of shares and quantity of each type" will be only ratified if it is voted for by a number of shareholders that represent at least 65% of votes of all participants or a specific ratio specified in the company's charter.

However, the Central Institute for Economic Management (the Ministry of Planning and Investment) notes that the voting ratio specified in the company's charter must be also at least 65%.

Concurrently, all activities that change "types of shares and quantity of each type" of a joint stock company must also apply the principle of reaching the voting ratio of at least 65% as regulated at Point a Clause 1 Article 148 of the Law on Enterprises, including the private placement of shares regulated at Article 123 of the Law on Enterprises.

Ms Phuong Thao (VietlawOnline.com)
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Published Vietlaw's Newsletter No. 518
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