¥By Nov. 1, 1992, firms preparing privatization plans were to be ÒcommercializedÓ or transformed into
joint-stock companies.
¥Option 1 - employees given free of charge, non-voting shares worth 25% of equity, can buy up to additional
10% of equity at a 30% discount from book value, totaling a maximum of 6 months minimum wages, top managers can purchase
up to 5% of equity at book value, up to 100% of employeesÕ and managerÕs payments can be made in
vouchers;
¥Option 2 - a group of employees purchases 51% of equity at a price determined by the State Committee for the
Administration of State Property (GKI) and up to 50% of payment
can be made in vouchers; and
¥Option 3 - (limited to enterprises with less than 200 employees and a book value of between 1 million and 50
million rubles) one-year lease contract giving employees an option
to buy 20% of equity at a 30% discount of book value and up to 100%
of payments can be made in vouchers
¥