Decision No. 131/2003/QĐ-BCN on transferring the Pleiku Construction and Installation Team under Company 3 to Pleiku Construction and Installation Joint Stock Company 3.7.

DECISION OF THE MINISTER OF INDUSTRY

ON TRANSFORMING THE PLEIKU ELECTRIC CONSTRUCTION SQUAD AFFILIATED WITH ELECTRIC CONSTRUCTION COMPANY 3 INTO ELECTRIC CONSTRUCTION JOINT STOCK COMPANY 3.7

Company 3 - Electric Installation Joint Stock Company 3.7

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;
Pursuant to Decision No. 45/2003/QĐ-BTC dated April 7, 2003 of the Minister of Finance approving the financial regulations for Electric Construction Company 3 piloting the holding company - subsidiary model;

Considering the proposal of Electric Construction Company 3 (Document No. 03298 CV/XLĐ3-TH dated July 30, 2003), the privatization plan of the Pleiku Electric Construction Squad and the verification report of the Enterprise Reform and Development Board on August 5, 2003;

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 of the Pleiku Electric Construction Squad, a dependent entity of Electric Construction Company 3, including the following main points:

1. Capital structure:

The charter capital of the company is five billion Vietnamese dong (VND 5,000,000,000). Of which:

State shareholding ratio: 51.00%;

The proportion of shares sold to employees within the enterprise: 28.37%;

The proportion of shares sold externally: 20.63%.

Value of one share: 100,000 VND.

2. The actual value of the Pleiku Electric Construction Squad at the time of January 1, 2003 for privatization (Decision No. 1821/QĐ-TCKT dated July 30, 2003 of the Ministry of Industry) is 11,108,102,516 Vietnamese dong. Of which, the actual value of the State capital portion in the squad is 4,491,956,732 Vietnamese dong.

3. Preferential treatment for employees in the squad.

A total of 5,654 preferential shares were sold to 81 employees in the squad with a preferential value of 169,620,000 Vietnamese dong. Among them, 1,131 preferential shares were sold on credit to 6 poor employees, valued at 79,170,000 Vietnamese dong.

4. Electric Construction Company 3 may use the proceeds from the privatization of dependent enterprises according to Decision No. 45/2003/QĐ-BTC of the Ministry of Finance and use part of it to subsidize surplus labor and retrain workers of the squad according to the prescribed regulations.

5. For surplus labor in the squad falling under Decree No. 41/2002/NĐ-CP, Electric Construction Company 3 shall handle the procedures and report to the Ministry of Industry and relevant state agencies for approval according to current regulations.

6. Electric Construction Company 3 shall organize the public auction of shares sold externally from the squad in accordance with current regulations.

Article 2. Transforming the Pleiku Electric Construction Squad into Electric Construction Joint Stock Company 3.7,

International trade name: POWER CONSTRUCTION JOINT STOCK COMPANY 3.7;

Abbreviation : PCC 3.7;

Head office address: No. 71 Hung Vuong Street (extension), Pleiku City, Gia Lai Province.

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

Undertaking construction projects for power sources, power grid systems and substations up to 500 kV, industrial and civil works, transportation works, water conservancy works, telecommunications, cultural and sports facilities;

Producing various types of concrete structures and centrifugal concrete utility poles;

Operating quarrying and trading of construction stones, granite, sand, gravel, and other types of building materials;

Trading in electrical equipment, transport equipment, construction motorcycles, and cargo transportation;

Trading in urban development and infrastructure, industrial zones, and new economic zones;

Engaging in electricity production and trading;

Trading in tourism and hotel services;

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

Article 4. Electric Construction Joint Stock Company 3.7 is a legal entity under Vietnamese law from the date of business registration, independently accounting for its economy, using its own seal, opening bank accounts in accordance with the law, and operating according to the Company's Articles of Association and the Enterprise Law.

Electric Construction Joint Stock Company 3.7 is a subsidiary in the pilot holding company - subsidiary model of Electric Construction Company 3.

Article 5. Directs Electric Construction Company 3 to organize the first General Meeting of Shareholders of Electric Construction Joint Stock Company 3.7 in accordance with current regulations.

The General Director and Chief Accountant of Electric Construction Company 3 are responsible for managing the operations of the squad until the transfer of all capital, assets, labor, and land to the Board of Directors and General Manager 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, Department Heads, Bureau Chiefs under the Ministry, the General Director of Electric Construction Company 3, and the Chairman of the Board of Directors and General Manager of Electric Construction Joint Stock Company 3.7 are responsible for implementing this Decision./.