Decision No. 116/2003/QĐ-TTg Regarding the Sale of Shares by Saigon Maritime Joint Stock Company to Foreign Investors

Pursuant to …;

Regarding the sale of shares by Saigon Maritime Joint Stock Company to foreign investors Sale of shares to foreign investors in Saigon

issuance of shares to foreign investors in Saigon

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PRIME MINISTER

Pursuant to the Law on Organization of the Government dated December 25, 2001;

Pursuant to Decision No. 145/1999/QĐ-TTg dated June 28, 1999 of the Prime Minister on the issuance of regulations for selling shares to foreign investors;

Pursuant to Decision No. 512/QĐ-TTg dated April 26, 2001 of the Prime Minister on the pilot implementation of the form of State-owned Enterprise participating in capital contribution with member enterprises of Vietnam Maritime Corporation;

At the proposal of the Board of Directors of Vietnam Maritime Corporation and the Ministry of Transport,

 DECISION:

Article 1. Approves the plan for Saigon Maritime Joint Stock Company to sell shares to foreign investors.

1. The charter capital of the company is 9,000,000,000 VND, including:

- Shares sold to Wallem Shipping Limited (Thailand): 2,250 shares, valued at 225,000,000 VND (2.5% of the charter capital).

- State shares: 1,800,000,000 VND (20% of the charter capital).

- Shares of employees within the company: 5,400,000,000 VND (60% of the charter capital).

- Shares of shareholders outside the company: 1,575,000,000 VND (17.5% of the charter capital).

2. Saigon Maritime Joint Stock Company is a member enterprise of Vietnam Maritime Corporation.

3. Vietnam Maritime Corporation represents the state ownership of 1,800,000,000 VND (20% of the charter capital) in Saigon Maritime Joint Stock Company and is responsible for managing and using this capital effectively.

Article 2. Saigon Maritime Joint Stock Company has its headquarters and business activities as specified in Decision No. 538/2002/QĐ-BGTVT dated March 1, 2002 of the Minister of Transport.

Article 3. This Decision takes effect from the date of signing. The Board of Directors of Vietnam Maritime Corporation, the Board of Directors of Saigon Maritime Joint Stock Company, and related agencies are responsible for implementing this Decision.