Decision No. 128/2000/QĐ-BNN-TCCB On converting the Hai Phong Timber Company into the Hai Phong Timber Joint Stock Company

Pursuant to …;

Regarding the conversion of Hai Phong Timber Corporation into Hai Phong Timber Joint Stock Corporation

___________________________

THE MINISTER OF AGRICULTURE AND RURAL DEVELOPMENT

On the basis of Decree No. 73/CP dated November 1, 1995 of the Government on the functions, tasks, powers, and organizational structure of the Ministry of Agriculture and Rural Development;
On the basis of Decree No. 44/1998/NĐ-CP dated June 29, 1998 of the Government on the conversion of state-owned enterprises into joint stock corporations;
Considering the proposal of the Enterprise Management Reform Board under the Ministry and the Director of the Personnel Department,

DECISION:

Article 1. Approves the plan for the conversion of Hai Phong Timber Corporation, an independent accounting state-owned enterprise and a member unit of Vietnam Forestry Corporation under the Ministry of Agriculture and Rural Development, comprising the following main contents:

1. The actual value of Hai Phong Timber Corporation at the time of 00:00 on January 1, 2000 is: 3,335,852,282 VND (three billion, three hundred thirty-five million, eight hundred five thousand, two hundred eighty-two VND).

Of which, the actual value of the state capital in the enterprise is: 2,666,542,441 VND (two billion, six hundred sixty-six million, five hundred four thousand, four hundred forty-one VND).

2. The Charter Capital of the Joint Stock Company: 4,000,000,000 VND (four billion VND). This total capital is divided into 40,000 equal shares (each share valued at 100,000 VND) with the following structure:

- State Share Ratio: 44.69% of the Charter Capital (equivalent to 17,877 shares);

- Share ratio sold to employees within the enterprise: 50% of the Charter Capital (equivalent to 20,000 shares);

- Share ratio sold to external entities outside the enterprise: 5.31% of the Charter Capital (2,123 shares).

3. Benefits for employees within the enterprise:

- Total number of preferential shares for all employees within the enterprise:

17,777 shares. The preferential value is: 533,310,000 VND (five hundred thirty-three million, three hundred ten thousand VND).

- Total number of preferential shares for poor employees within the enterprise to be repaid gradually: 3,555 shares, the gradual repayment value is: 248,850,000 VND (two hundred forty-eight million, eight hundred fifty thousand VND).

4. Organization of management of money from selling shares:

Implemented according to Section V, Part II of Circular No. 104/1998/TT-BTC dated July 18, 1998 of the Ministry of Finance guiding financial matters when converting state-owned enterprises into joint stock corporations and Item 6 of Document No. 3138 TC/TCDN dated August 19, 1998 of the Ministry of Finance regarding guidance on implementing the conversion of state-owned enterprises into joint stock corporations.

Article 2- Convert Hai Phong Timber Corporation into a joint stock corporation with the following main characteristics:

1. - Full name in Vietnamese:

Hai Phong Timber Joint Stock Corporation

- Trading name in English:

Haiphong Forest Products Joint-Stock Company

Abbreviation: HAIFOR.J. Co

2. Main office address: House No. 40, Tran Phu Street

Lang Khanh Thien Ward, Ngo Quyen District, Hai Phong City.

Telephone: (84.031) - 849049; 846307; 737149.

Fax: (84.031) - 859734.

3. Business fields:

- Wood processing industry and other forest products;

- Service of technical materials for wood processing and preservation of forest products;

- Trading in forest products, wooden goods, and interior and exterior decoration items;

- Trading in agricultural, marine products, and chemical products.

Article 3. Hai Phong Timber Joint Stock Corporation shall be a legal entity under Vietnamese law from the date of registration for business operations, implementing an independent economic accounting system, having its own seal, and being allowed to open a transaction account at the Bank in accordance with the law, operating in accordance with the Articles of Association of Hai Phong Timber Joint Stock Corporation and the Law on Enterprises.

Article 4. The Director and Chief Accountant of Hai Phong Timber Corporation shall be responsible for managing and operating the Corporation until the entire enterprise is handed over to the Board of Directors and General Director of Hai Phong Timber Joint Stock Corporation. From the handover date, the decision to establish Hai Phong Timber Corporation ceases to be enforceable.

Article 5. This Decision shall take effect from the date of signing.

The Head of the Office of the Ministry, the Director of the Personnel Department, the Enterprise Management Reform Board under the Ministry, the Heads of relevant units under the Ministry, the Board of Directors and General Manager of Vietnam Forestry Corporation, the Director and Enterprise Management Reform Board at Hai Phong Timber Corporation are responsible for implementing this decision.