Vietnam: The information about the completion of the amalgamation or merger of investment companies shall be disclosed within 07 days

Specifically, according to Article 17 of Circular No. 227/2012/TT-BTC of the Ministry of Finance of Vietnam, within 07 days from the amalgamation or merger date, the asset management company shall disclose the information about the completion of the amalgamation or merger as prescribed in Clause 10 Article 3 of this Circular. The information disclosed includes:

- The amalgamation or merger date;

- The rules for determining the net asset value per share of the transferor companies on the amalgamation or merger date; the conversion rate, and the par value per share (if any).

Besides, from the amalgamation or merger date, the supervisory bank is responsible for:

- Receiving all the books, documentation, list of securities, and other assets relevant to the transferor companies;

- Receiving and inheriting all the lawful rights and interests, financial obligations, debts including tax debts, and the outstanding economic contracts from the transferor companies;

- Completing the procedure for registering the ownership of the assets received from the transferor companies as prescribed by law;

- Fulfilling the obligations of the transferor companies on behalf of the transferee companies as prescribed by law.

The public investment company shall report the amalgamation and merger results in accordance with Clause 4 Article 83 of the Decree No. 58/2012/ND-CP of Vietnam’s Government. The report on the amalgamation or merger results shall be made in accordance with the templates in Annex 12 enclosed with Circular No. 227/2012/TT-BTC.

View more details at Circular No. 227/2012/TT-BTC of the Ministry of Finance of Vietnam, effective from July 01, 2013.

Le Vy

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