Decision No. 132/2003/QD-BCN on transferring the West Central Electricity Construction Enterprise under the Third Electricity Construction Company to the Third Electricity Construction Joint Stock Company.

Pursuant to …;

ON THE TRANSFORMATION OF THE POWER CONSTRUCTION ENTERPRISE WESTERN ZONE BELONGING TO POWER CONSTRUCTION CORPORATION 3 INTO POWER CONSTRUCTION JOINT STOCK COMPANY 3.8

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 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 on approving the financial regulations for Power Construction Corporation 3 piloting operations under the parent company - subsidiary model;

Considering the proposal of Power Construction Corporation 3 (Letter No. 03299 CV/XLĐ3-TH dated July 30, 2003), the plan for the transformation of the Power Construction Enterprise Western Zone into a joint stock company and the review report of the Enterprise Reform and Development Board of the Ministry dated 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 plan for the transformation of the Power Construction Enterprise Western Zone, a dependent enterprise of Power Construction Corporation 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 of the Enterprise: 49.00%.

Value of one share: 100,000 VND.

2. The actual value of the Power Construction Enterprise Western Zone at the time of January 1, 2003 for the purpose of transformation (Decision No. 1820/QĐ-TCKT dated July 30, 2003 of the Ministry of Industry) is 7,532,426,027 VND. Of which, the actual value of the State capital in the Enterprise is 3,646,589,521 VND.

4. Regarding the privatization costs, retraining of employees, and surplus labor resolution of the enterprise, An Lac Shoe Company will handle the procedures, report to the Ministry of Industry and relevant state authorities for approval according to current regulations.

The total number of preferential shares sold to 169 employees of the Enterprise is 21,120 shares with a preferential value of 633,600,000 VND. Among them, the number of preferential shares sold on credit to 20 poor employees is 3,280 shares, valued at 229,600,000 VND.

4. Power Construction Corporation 3 shall use the portion of funds received from the transformation of dependent enterprises according to Decision No. 45/2003/QĐ-BTC of the Ministry of Finance and use part of it to provide subsidies for redundant employees and retraining of employees of the Enterprise in accordance with the prescribed regulations.

5. As for redundant employees of the Enterprise who fall within the scope of Decree No. 41/2002/NĐ-CP, Power Construction Corporation 3 shall handle procedures and report to the Ministry of Industry and competent state agencies for approval in accordance with current regulations.

Article 2. Transform the Power Construction Enterprise Western Zone into Power Construction Joint Stock Company 3.8,

International trade name: POWER CONSTRUCTION JOINT STOCK COMPANY 3.8;

Abbreviation: PCC 3.8;

Head office: No. 10 Dao Duy Tu Street, Buon Ma Thuot City, Dak Lak Province.

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

Undertaking construction works, power sources, power grid systems and transformer stations up to 500 kV, industrial and civil engineering works, transportation works, water conservancy works, telecommunications, cultural and sports facilities;

Producing various types of prestressed concrete poles and prefabricated concrete products; mechanical processing and manufacturing;

Exploiting and trading construction materials such as building stones, sand, gravel, and other types of construction materials;

Trading electrical equipment, transport equipment, construction motorcycles; trading cargo transportation;

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

Engaging in electricity production and trading;

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

Article 4. Power Construction Joint Stock Company 3.8 is a legal entity under Vietnamese law from the date of registration for business, conducting independent economic accounting, using its own seal, opening bank accounts in accordance with the law, operating in accordance with the Company's Charter and the Law on Enterprises.

Power Construction Joint Stock Company 3.8 is a subsidiary in the pilot parent company - subsidiary model of Power Construction Corporation 3.

Article 5. Entrusts Power Construction Corporation 3 to organize the first General Meeting of Shareholders of Power Construction Joint Stock Company 3.8 in accordance with current regulations.

The General Director and Chief Accountant of Power Construction Corporation 3 are responsible for managing the operations of the Enterprise until the full transfer of 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 of the Ministry, the Heads of Departments and Bureaus under the Ministry, the General Director of Power Construction Corporation 3, and the Chairman of the Board of Directors and General Director of Power Construction Joint Stock Company 3.8 are responsible for implementing this Decision./.