Decision No. 116/2004/QĐ-BCN on the conversion of the Victory Textile Company into the Victory Textile Joint Stock Company

Pursuant to …;

Regarding the conversion of the Chieng Thang Garment Company

into the Chieng Thang Garment Joint Stock Company

THE MINISTER OF INDUSTRY

Pursuant to Decree No. 55/2003/NĐ-CP dated May 28, 2003 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Industry;

Pursuant to Decree No. 64/2002/NĐ-CP dated June 19, 2002 of the Government on the conversion of state-owned enterprises into joint-stock companies;

Considering the proposal of the Vietnam Textile - Garment Corporation (Report No. 1809 TTr/TGĐ dated September 29, 2004), the privatization plan for the Chieng Thang Garment Company and the appraisal report of the Enterprise Reform and Development Board on October 1, 2004;

At the proposal of the Enterprise Reform and Development Board and the Director of the Personnel and Organization Department,

DECISION:

Article 1. Approves the privatization plan for the Chieng Thang Garment Company (an independent accounting member enterprise of the Vietnam Textile - Garment Corporation) including the following main points:

1. Capital structure:

The charter capital of the joint stock company is 12,000,000,000 VND (Twelve billion VND).

Where:

- State shareholding ratio: 51.00 %; 

- Shareholding ratio sold to employees within the company: 49.00 %; 

Value of one share: 100,000 VND.

2. The actual value of the Chieng Thang Garment Company at the time of January 1, 2004 for privatization (Decision No. 2400/QĐ-TCKT dated September 10, 2004 of the Ministry of Industry) is 111,483,060,577 VND. Among this, the actual value of the state capital in the company is 11,616,967,388 VND.

3. Preferential treatment for employees of the Company.

The total number of preferential shares sold to 2,651 employees within the company is 58,800 shares with a preferential value of 1,764,000,000 VND.

4. Regarding privatization costs, retraining and resolving surplus labor, the company shall process and report to the Vietnam Textile - Garment Corporation and relevant state authorities for approval according to current regulations.

Article 2. Convert the Chieng Thang Garment Company into the Chieng Thang Garment Joint Stock Company,

- International trade name: CHIENTHANG GARMENT JOINT STOCK COMPANY; 

2. Certificate of establishment or decision on establishment of the organization (No...issued by the ministry, department, local government of...on...); CHIGAMEX; 

- Main office: No. 22 Thanh Cong, Ba Dinh District, Hanoi.

Article 3. The joint stock company engages in the following business activities:

- Production and business of textile and garment products, import and export of textile and garment goods;

- Production, import and export, and business of raw materials and accessories serving garment production and related services; 

- Vocational training in garment production and export of garment workers; 

- Real estate business, office space, housing for workers; 

- Engaging in other businesses in accordance with the provisions of the law.

Article 4. The Chieng Thang Garment Joint Stock Company is a legal entity under Vietnamese law from the date of registration for business operations, has its own seal, opens bank accounts in accordance with the law, operates according to the Articles of Association of the joint stock company and the Law on Enterprises.

Article 5The Vietnam Textile - Garment Corporation is responsible for directing the Chieng Thang Garment Company to organize the sale of shares and to organize the first General Meeting of Shareholders of the joint stock company in accordance with current regulations.

The General Director and Chief Accountant of the Chieng Thang Garment Company are responsible for managing the company's operations until the transfer of all capital, assets, labor, and land to the Board of Directors and General Director of the joint stock company.

Article 6. This Decision takes effect fifteen days from the date of publication in the Official Gazette.

The Head of the Ministry's Office, the Inspector General, the Heads of Departments and Bureaus under the Ministry, the Chairman of the Board of Directors, the General Director of the Vietnam Textile - Garment Corporation, the General Director of the Chieng Thang Garment Company, and the Chairman of the Board of Directors and the General Director of the Chieng Thang Garment Joint Stock Company are responsible for implementing this Decision./.