Privatisation Sample Clauses

Privatisation. Privatisation can help to make the economy more efficient and to reduce public debt. While the privatisation process has come to a standstill since the beginning of the year, the Government has now committed to proceed with an ambitious privatisation program and to explore all possibilities to reduce the financing envelope, through an alternative fiscal path or higher privatisation proceeds. To preserve the on-going privatisation process and maintain investor interest in key tenders, the Hellenic Republic commits to proceed with the on-going privatisation programme. The Board of Directors of the HRADF has already approved its Asset Development Plan (ADP) which includes for privatisation assets under HRDAF as of 31/12/2014. The implementation of this programme aims to generate annual proceeds (excluding bank shares) for 2015, 2016 and 2017 of EUR 1.4bn, EUR 3.7bn and EUR 1.3bn, respectively. As prior action, and to re-launch the privatisation programme the Government will adopt these measures: i. The authorities will endorse the Asset Development plan approved by HRADF on 30/7/2015. The ADP is attached to this Memorandum as annex and constitutes an integral part of this agreement. The ADP will be updated on a semi-annual basis and approved by HRADF; and the Cabinet or KYSOIP will endorse the plan; ii. The Government and HRADF will announce binding bid dates for Piraeus and Thessaloniki ports of no later than end-October 2015, and for TRAINOSE ROSCO, with no material changes in the terms of the tenders; iii. The authorities will take irreversible steps for the sale of the regional airports at the current terms with the winning bidder already selected; iv. The authorities will conclude around 20 selected pending actions identified by HRADF. The Government commits to facilitate the privatization process and complete all needed Government actions to allow tenders to be successfully executed. In this respect it will complete all actions needed as agreed on a quarterly basis between HRADF, the institutions and the Government. The List of Government Pending Actions has been approved by the Board of Directors of the Hellenic Republic Asset Development Fund and is attached to this Memorandum as an Annex and constitutes an integral part of this agreement. In line with the statement of the Euro Summit of 12 July 2015, a new independent fund (the “Fund”) will be established and have in its possession valuable Greek assets. The overarching objective of the Fund is to ma...

Privatisation. In order to promote job security of employees, it is agreed that the privatisation of a Government entity may only occur where: (a) the entity does not perform a role central to the functions of Government; and (b) disadvantaged groups would not be negatively affected by the privatisation; and (c) a social impact statement has been completed which indicates that there is a demonstrated public benefit from the sale.

Privatisation. The Asset Development Plan will be implemented on a continuous basis. With a view to swiftly attracting investment to support a sustained economic recovery, complete by end-2019 the transactions on Egnatia, DEPA commercial, regional ports of Alexandroupoli and Kavala, AIA shares, EYDAP and EYATH. The momentum in the privatisation process observed over the previous months could not be maintained due to the Coronavirus outbreak. The pandemic is impacting the implementation of the privatisation programme in many ways, inter alia through difficulties in engaging with potential investors, impacts on asset valuations, reduced administrative capacity to implement necessary actions, and the interruption of construction works. Despite the overall negative commercial environment caused by the pandemic, the Hellenic Republic Asset Development Fund is advancing with maturing actions on its transactions, and the authorities are supportive and are taking the required actions on their side. This will make possible the launching of the next steps in the respective transactions, at a time that the situation normalises. At this stage, the situation regarding the ongoing transactions is as follows: Hellinikon (a specific 2018 commitment): Despite the continued strong engagement of the authorities to complete the conditions precedent to allow the transfer of shares to the preferred investor (Lamda), the financial closing is delayed by complications in the tender process for the award of the casino licence. Following the dismissal of a first appeal, the excluded bidder lodged a petition for annulment along with interim relief measures before the Council of State. The Council of State rejected the petition for interim relief measures on 7 May 2020. This opens the way for a continuation of the tender process though its finalisation will need to await the Council of State decision on the merit of the petition for annulment. The authorities are pursuing steps to address the remaining pending issues. ▇▇▇▇▇▇ of Alimos concession (a mid-2019 specific commitment): the Cabinet Act authorising the signature of the concession agreement was published in the Official Gazette on 7 April 2020 and the concession agreement was signed by all stakeholders on 13 May 2020. The financial closing of the transaction is set to follow within 120 days of the signature of the concession agreement. Hellenic Petroleum (a mid-2019 specific commitment): The authorities are yet to decide on the approach to be...

Privatisation. With a view to swiftly attracting investment to support a sustained economic recovery, complete by end-2019 the transactions on Egnatia, DEPA commercial, regional ports of Alexandroupoli and Kavala, AIA shares, EYDAP and EYATH. Sale of 30% of Athens International Airport: The tendering process is proceeding well. On 31 January 2020, the Board of Directors of the Hellenic Republic Asset Development Fund (TAIPED) decided that nine investment parties are qualified to proceed to the Binding Offers Phase, thus effectively launching this phase. The financial closing of the transaction is expected before the end of the year. Public Gas Corporation: The necessary legislation for the partial demerger of the company and the sale of the full stake of the Asset Development Fund in the company (i.e. 65%) was adopted in November 2019. The international tender process for DEPA Infrastructure was launched on 9 December 2019, whereby the Fund and Hellenic Petroleum are acting as co-sellers (offering 100% of the share capital of DEPA Infrastructure). The international tender process for the sale of 65% of the share capital of DEPA Commercial was launched on 23 January 2020. Egnatia: Three frontal toll stations were put into operation, while a detailed roadmap was provided to the institutions, with a specific timetable for the implementation of all required pending actions by May 2020. The implementation of the roadmap has started, and it will be key to build on the progress and take all necessary steps well in time before the revised deadline for the submission of binding offers on 26 June 2020. Regional Ports: The authorities are positive with respect to providing flexibility of choice on the privatisation transaction structure (i.e. sub-concession, sale of equity) so as to allow the best privatisation transaction structure to be chosen for each port. The relevant legal amendment was adopted by Parliament on 12 February, whereas the Asset Development Fund has started the process for recruiting external consultants for the sale of equity for four ports.

Privatisation. In order to promote job security it is agreed that the privatisation of a government entity may only occur if all of the following apply: The entity does not perform a role central to the functions of government. Disadvantaged groups would not be negatively affected by the privatisation. A social impact statement has been completed which indicates that there is a demonstrated public benefit from the sale. In the event that privatisation of an ACTPS directorate or a service or services currently supplied by an ACTPS directorate is under consideration, consultation must occur on the implications for employees and the relevant directorate from these proposals. Where such privatisation is under consideration, the ACTPS must provide the necessary reasonable resources to develop an in-house bid and this bid must be prepared either off site or on site as determined by the head of service and subject to consideration on equal terms to any other bid. An independent probity auditor must be appointed by the head of service to oversee the assessment of the in-house bid.

Privatisation. 27.1 The parties note the ACT Government’s policy of in-principle opposition to the privatisation of ACT Government assets. In particular the parties agree that privatisation of a government entity may only occur where: (a) the entity does not perform a role central to the functions of government; and (b) disadvantaged groups would not be negatively affected by the privatisation; and (c) a social impact statement has been completed which indicates that there is a demonstrated public benefit from the sale. 27.2 In the event that privatisation of the department, or a service or services currently supplied by the department is under consideration, the parties will consult on the implications for employees and the department from these proposals. 27.3 Where such privatisation is under consideration, the department will provide the necessary reasonable resources to develop an in-house bid and this bid will be prepared either off-site or on-site as determined by the department and subject to consideration on equal terms to any other bid. An independent probity auditor will be appointed by the department to oversee the assessment of the in-house bid.

Privatisation. Type of Limitation: National treatment (Article 29) Legal Citation: Description: More favourable treatment may be accorded to New Zealand nationals and permanent residents in respect of ownership of enterprises currently in State ownership.

Privatisation. In order to promote job sec(rity of employees, the parties agree that privatisation of a government entity may only occ(r where:

Privatisation. Privatisation has recently become an increasingly important activity in many countries. Consequently, privatisation has been identified as a "special topic" in need for examination. This is an area where it might be possible for MAI to break new ground since privatisation as such is not presently subject to OECD rules. A large majority of participants in the Expert Group agrees in principle that national and most favoured nation treatment should apply to all phases of the privatisation process, giving foreign investors a right to participate. However, privatisations carried out via direct sales, as opposed to public offerings, have been identified as a potential problem in relation to the application of national treatment. Questions have also been raised concerning various measures which are seen by many as facilitating privatisation, but which according to others might reduce the opportunities of foreign investors (for example, the use of "special shares", management buy-outs, and other forms of participation programmes). It has also been suggested that a MAI provision on privatisation should contain tailor-made rules on transparency.