Africa-Press – South-Africa. Cabinet has approved the Draft National State Enterprises Bill for tabling in Parliament.
The Bill is set to create a new state-owned holding company – the State Asset Management SOC Ltd – which will manage the finances of the nation’s various state-owned enterprises (SOEs) after the Department of Public Enterprises closes.
The Bill aims to do the following:
To establish the State Asset Management SOC Ltd;
To provide for the State as the sole shareholder of a holding company;
To consolidate the State’s shareholdings in state enterprises;
To provide for the powers of the shareholder on behalf of the State;
To provide for the phased succession of state enterprises to the holding company;
To provide for the holding company’s powers as shareholder of subsidiaries;
To provide for the restructuring and management of subsidiaries for developmental purposes;
To provide for appropriate and effective performance monitoring mechanisms over subsidiaries;
To provide for the corporatisation of those state enterprises that are not registered as companies;
And to provide for matters connected therewith
A serious player
Business Leadership South Africa CEO Busisiwe Mavuso said that the State Asset Management SOC Ltd will have the power to turn around the nation’s struggling SOEs. It will also allow the government to focus on policy and regulatory issues whilst focusing on the commercial aspects of running SOEs.
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