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Pre-emptive right maintained, reinforced by new investment bill

 

ALGIERS- The Ministry of Industry and Mines on Wednesday reaffirmed that the right to preemption is maintained and reinforced by the new bill on investment promotion, recently adopted by the Parliament.

Following a series of media articles and in a bid to clarify things, “the Ministry of Industry and Mines reaffirms that the right to preemption is explicitly mentioned in the new bill on investment promotion, recently adopted by the People’s National Assembly and the Council of the Nation," said this ministry in a communiqué.

This new bill, currently being promulgated, includes two sections on the right to pre-emption.

"In addition to being explicitly preserved in the new bill, the pre-emptive right has been strengthened, particularly in terms of sales made abroad," the ministry said.

It is important to recall that the preemption right, established through Article 62 of the Complementary Finance Act 2009 and successively modified by Articles 46 of Complementary Finance Act 2010 and the Article 57 of the Finance Act 2014," does not confer the right to preemption to the State and to the Public companies only in case of share sales in Algeria by or for the benefit of foreigners," the same statement.

Wednesday, 20 July 2016 

 

 

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