Decision No. 12/2002/QD-BCN of the Ministry of Industry on the transformation of the Cast Iron Workshop under the Hanoi Electrical Machinery Manufacturing Company into the Hanoi Electromechanical Joint Stock Company, stipulates the charter capital structure, actual value of assets, benefits for employees, and business activities of the new company.
Scope of application
The Hanoi Electrical Machinery Manufacturing Company, the Cast Iron Workshop under this company, the Electrical Equipment Corporation, the Board of Directors, and the General Director of the Hanoi Electromechanical Joint Stock Company.
Key points
- The Cast Iron Workshop under the Hanoi Electrical Machinery Manufacturing Company was transformed into the Hanoi Electromechanical Joint Stock Company with a charter capital of 5 billion VND, of which the State holds 20%, workers in the Workshop and external entities each hold 40%.
- The actual value of the Cast Iron Workshop at the time of transformation was 4,028,752,984 VND, including the State's capital of 4,028,752,984 VND and welfare assets amounting to 21,650,000 VND.
- Workers in the Workshop were granted preferential rights to purchase 19,836 shares, including 3,920 shares sold on credit to the poor valued at 274,400,000 VND.
- The Hanoi Electromechanical Joint Stock Company engages in casting products, mechanical engineering, electrical equipment, and repair and installation services for electromechanical equipment.
- The new company operates independently according to its Articles of Association and the Enterprise Law.
🌐 Social impact of this document
- Positive impacts include improved management efficiency through shareholding, and opportunities for workers to participate in ownership.
- Negative impacts may include instability during the transition period, affecting the production and business operations of the Cast Iron Workshop.
❓ Frequently asked questions
What is the charter capital of the Hanoi Electromechanical Joint Stock Company?
The charter capital of the Hanoi Electromechanical Joint Stock Company is 5 billion VND (5,000,000,000 VND).
What percentage of the charter capital does the State hold?
The State holds 20% of the charter capital of the Hanoi Electromechanical Joint Stock Company.
How many shares are workers in the Workshop entitled to purchase preferentially?
Workers in the Workshop are entitled to purchase preferentially 19,836 shares.
What is the actual value of the Cast Iron Workshop?
The actual value of the Cast Iron Workshop at the time of transformation was 4,028,752,984 VND.
In what industries does the Hanoi Electromechanical Joint Stock Company operate?
The Hanoi Electromechanical Joint Stock Company operates in casting products, mechanical engineering, electrical equipment, and repair and installation services for electromechanical equipment.
Full text
DECISION OF THE MINISTER OF INDUSTRY
Regarding the transfer of the Foundry Workshop under the Hanoi Electrical Machinery Manufacturing Corporation to become the Hanoi Electrical-Mechanical Engineering Joint Stock Company
To establish the Hanoi Electrical-Mechanical Engineering Joint Stock Company from the Foundry Workshop under the Hanoi Electrical Machinery Manufacturing Corporation
__________________
THE MINISTER OF INDUSTRY
Pursuant to the Government Decree No. 74/CP dated November 1, 1995 on the functions, tasks, powers, and organizational structure of the Ministry of Industry;
Pursuant to Decree No. 44/1998/NĐ-CP dated June 29, 1999 of the Government on the transformation of state-owned enterprises into joint stock companies;
Considering the proposal of the Vietnam Electric Equipment Corporation (report number 35/TT-HĐQT dated February 21, 2001), the plan to convert the Foundry Workshop under the Hanoi Electrical Machinery Manufacturing Corporation into a joint stock company and the Minutes of the Evaluation of the Plan on February 26, 2002 by the Enterprise Reform and Development Board of the Ministry of Industry;
At the proposal of the Enterprise Reform and Development Board of the Ministry of Industry and the Director of the Personnel and Organization Department,
DECISION:
Article 1. Approves the plan for the conversion of the Foundry Workshop under the Hanoi Electrical Machinery Manufacturing Corporation (an independent accounting unit under the Vietnam Electric Equipment Corporation) including the following main points:
1. Registered capital structure.
The charter capital of the joint stock company is: five billion dong (5,000,000,000 dong). Of which:
- State shareholding ratio: 20%;
- Shareholding ratio sold to employees in the Workshop: 40%;
- Shareholding ratio sold to external entities: 40%.
- Value of one share: 100,000 dong.
2. The actual value of the Foundry Workshop under the Hanoi Electrical Machinery Manufacturing Corporation (Decision No. 385/QĐ-TCKT dated February 8, 2002 of the Minister of Industry on determining the value of the Foundry Workshop under the Hanoi Electrical Machinery Manufacturing Corporation) at the time of December 31, 2001 for the purpose of converting to a joint stock company is: four billion two hundred eighty-seven million five hundred twenty-nine thousand eight hundred forty-four dong (4,028,752,984 dong). Of which, the actual value of the state capital in the Workshop is: four billion two hundred eighty-seven million five hundred twenty-nine thousand eight hundred forty-four dong (4,028,752,984 dong).
Assets formed from welfare funds amount to twenty-one million six hundred fifty thousand dong (21,650,000 dong).
3. Benefits for employees in the Workshop.
A total of 19,836 shares with a discounted value of five hundred ninety-five million eighty thousand dong (595,080,000 dong) are sold preferentially to 113 employees in the Workshop. Among them, a total of 3,920 preferential shares worth two hundred seventy-four million four hundred thousand dong (274,400,000 dong) are sold on credit to 18 poor employees.
4. Agreeing to the proposal of the Vietnam Electric Equipment Corporation, allowing the Hanoi Electrical Machinery Manufacturing Corporation to use part of the proceeds from selling state-owned shares currently held by the Workshop for the costs of share conversion, retraining employees, and subsidizing surplus employees; the remaining portion will be managed and used according to regulations. The Hanoi Electrical Machinery Manufacturing Corporation shall handle the procedures, report to the Vietnam Electric Equipment Corporation for review, submit to the Ministry of Industry for approval, and be responsible for managing and using it according to the prescribed regulations.
Article 2. Transfer the Foundry Workshop under the Hanoi Electrical Machinery Manufacturing Corporation to become the Hanoi Electrical-Mechanical Engineering Joint Stock Company,
Name in Vietnamese: Hanoi Electrical-Mechanical Engineering Joint Stock Company;
International trade name: HANOI ELECTRICAL - MECHANICAL ENGINEERING JOINT STOCK COMPANY, abbreviated as: HAMEC;
Head office located in Dong Nac Commune, Tu Liem District, Hanoi City.
Article 3. The Hanoi Electrical-Mechanical Engineering Joint Stock Company operates in the following industries (at the time of conversion to a joint stock company):
Production and trading of casting products, mechanical equipment, and electrical equipment;
Trading, service repair, installation of electromechanical equipment and technical electrical materials;
Engaging in other businesses in accordance with the provisions of the law.
Article 4. The Hanoi Electrical-Mechanical Engineering Joint Stock Company is a legal entity under Vietnamese law from the date of registration for business operations, implements an independent economic accounting system, uses its own seal, opens bank accounts according to legal provisions, and operates according to the Articles of Association of the joint stock company and the Enterprise Law.
Article 5. The Vietnam Electric Equipment Corporation is responsible for directing the Foundry Workshop under the Hanoi Electrical Machinery Manufacturing Corporation to organize the Founding Shareholders' Meeting.
The Director and Chief Accountant of the Hanoi Electrical Machinery Manufacturing Corporation are responsible for managing the operations of the Foundry Workshop until the handover to the Board of Directors and General Manager of the Hanoi Electrical-Mechanical Engineering Joint Stock Company.
Article 6. This Decision takes effect fifteen days after the date of signature. Decisions contrary to this Decision are abolished..
The Head of the Ministry's Office, the Inspector General of the Ministry, the Heads of Departments and Bureaus under the Ministry, the Chairman of the Board of Directors and the General Director of the Vietnam Electric Equipment Corporation, the Director of the Hanoi Electrical Machinery Manufacturing Corporation, and the Chairman of the Board of Directors and the General Manager of the Hanoi Electrical-Mechanical Engineering Joint Stock Company are responsible for implementing this Decision./.
DEPUTY MINISTER
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