Article 20 SyTC’s Replacement of STE (a) Following the completion of the formalities of publication of the Articles of the Company, the Company shall replace the Syrian Telecommunications Establishment founded pursuant to decree 1935 dated 10/7/1975 and its amendments, in all its rights and obligations, as well its powers and functions, except for matters regarding the regulation of Telecommunications. After completion of such formalities the Syrian Telecommunication Company shall become the legal successor to the Syrian Telecommunications Establishment. Ownership of all STE’s assets, whether tangible or intangible, and all its rights and obligations inside and outside of Syria, pertaining to all matters related to the execution and operation of Public Telecommunications Networks and systems, and the provision of Telecommunication Services, shall vest with SyTC. (b) After incorporation of SyTC and its publication [in the commercial register], all employees of STE shall be transferred de jure and made employees of SyTC, with the exception of those working in the Telecommunications regulation area, who shall be transferred to [and made employees] of the Authority. All contracting parties, contractors experts and subscribers of STE, shall be transferred, and be deemed employees, contracting parties, contractors, experts and subscribers of the Company. They shall maintain their previous rights and privileges and shall remain liable to the Company to perform all their duties. Article 21 Taking Interest in Other Companies SyTC shall have the right, subject to approval by its General Assembly and the Minister, to set up or take interest in other companies inside or outside of Syria, or to contract with other companies inside or outside of Syria, to realize some of its objectives. Article 22 True Share Capital of SyTC (a) Within a period not exceeding five years from the publication of its Articles, the SyTC shall conduct a full valuation of all its assets, tangible and intangible. In light of such valuation, SyTC shall be restructured both functionally and financially; its Articles shall be amended and the value of its share capital shall be set out therein. Such amendments to the Articles shall be ratified by resolution of the Council of Minister, subject to proposal of SyTC’s Board of Directors and approval by SyTC’s General Assembly. (b) Following final incorporation, valuation of its assets, completion of its financial restructuring, and determination of its real share capital, SyTC shall issue to the owner of shares final share certificates in the number of shares that it owned. Such shares shall be governed by the provisions of the chapter governing shares of joint stock companies in the Companies Act in force. (c) The Company shall be exempted from all duties and taxes relating to its incorporation and conversion of legal personality in the manner set out herein. 21