By Dick Welch, Olivier Frémond
This paper offers functional assistance to executive officers charged with coping with case-by-case privatization courses. It identifies the major steps for privatization, describes sale suggestions and the procedures for sporting them out, and examines exact stipulations. It outlines how governments may still adopt case-by-case privatization through opting for simple rules and customary demanding situations, describes numerous tools for valuing nation organizations, and explains the position of monetary advisers and revenues brokers in valuing applicants for privatization and constructing sale ideas.
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Extra resources for The case-by-case approach to privatization: techniques and examples, Volumes 23-403
Sample text
Warranties (a type of indemnification if defects are discovered only after ownership). Private insurance. Source: World Bank staff. sold through trade or negotiated sales) or stock market valuations (if publicly traded). Replacement value and book value are not measures of market value. Book value may understate real value because it is based on historical costs, and replacement value may overstate value because firms are often sold below replacement cost. In addition to the valuation, financial advisers often prepare a sensitivity analysis that models the purchase price under changing conditions prior to the closure of the transaction.
Pricing and distribution. Pricing and distribution are two of the hardest issues to manage in a share flotation. The government may want to maximize price; brokers may want a lower price to make the issue easier to sell. Moreover, the government may want a wide retail distribution of shares for policy and political reasons; brokers may find it more efficient to sell to institutional investors. The government and its brokers should agree early in the sales process on how pricing will be managed.
Corporatization of state enterprises sought to: Separate commercial and noncommercial activities. State enterprises would continue to engage in commercial activities, while the government would fund noncommercial activities. Make state enterprises more market-oriented. Corporatized state enterprises are treated the same as private businesses. They pay taxes, receive no subsidies, and must operate at a profit. Moreover, the government will not guarantee their debt. Establish real balance sheets for state enterprises.