NATIONAL STATE ENTERPRISES BILL: DRAFT GAZETTED FOR PUBLIC COMMENT

NATIONAL STATE ENTERPRISES BILL: DRAFT GAZETTED FOR PUBLIC COMMENT

• 15 September 2023
• State Owned Enterprises
• SA Legal Academy

The Department of Public Enterprises has called for input by 15 October 2023 on a draft National State Enterprises Bill. According to a media statement on the Cabinet meeting at which the draft Bill was approved for release into the public domain, it seeks to:

• consolidate the state’s shareholdings in ‘strategic state-owned enterprises’, and
• establish a ‘State’s Asset Management SOC Ltd’ as holding company for state shareholdings in these enterprises, with the state as sole shareholder.

To that end, in anticipation of transferring as yet unidentified state enterprises to the proposed holding company, the draft Bill includes provisions for:

• the legal succession of those already incorporated under the Companies Act, 2008
• corporatising those not incorporated under Act, and
• a pre-transfer due diligence process.

Otherwise, the draft Bills focuses on establishing the holding company envisaged, along with its functions, powers, duties and governance.

• draft Bill
• media statement (please refer to item C3)

Published by SA Legal Academy Policy Watch

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