Public Enterprises Privatization Proclamation, No. 1206 of 2020

According to this Proclamation, privatization is a transaction that results in either the sale of assets or share capital of a public enterprise in full or in part to private ownership and control. The objectives of privatization include: To improve the efficiency of Public Enterprises, enhance their competitiveness, attract technical expertise and skill sets, and improve access to capital; To generate revenue and enhance the provision of development finance in order to promote financing activities undertaken by the Government; To promote the Country's economic development by enhancing the policy environment for private investment and encouraging the expansion of the private sector. The Proclamation considers extensively pre-privatization activities, public enterprise restructuring and other activities prior to privatization. Essentially, the Proclamation provides for the procedure of conversion of a public enterprise to a share company, valuation of public enterprises and issues relating to post-privatization.