Decision No. 142/2004/QĐ-BCN on transforming the Danang Textile Garment Production Import Export Company into the Danang Textile Garment Production Import Export Joint Stock Company

Pursuant to …;

Regarding the conversion of the Production Import-Export Textile Company Danang into the Danang Production Import-Export Textile Joint Stock Company

Converting the Production Import-Export Textile Company Danang into the Danang Production Import-Export Textile Joint Stock Company

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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;

Considering the proposal of the Vietnam Textile and Garment Corporation (Proposal No. 2017 TTr/CPH dated November 3, 2004), the privatization plan for the Production Import-Export Textile Company Danang, and the review report of the Enterprise Reform and Development Board of the Ministry on November 3, 2004;

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

DECISION:

Article 1. Approving the privatization plan for the Production Import-Export Textile Company Danang (a subsidiary operating independently under the Vietnam Textile and Garment Corporation) including the following main points:

The charter capital of the company is 10,000,000,000 VND (Ten billion VND). Of which:

- Shareholding ratio sold outside the company: 10.04%.

- The proportion of shares sold to employees within the company: 49.00%.

Value of one share: 100,000 VND.

2. The actual value of the Production Import-Export Textile Company Danang at the valuation date of December 31, 2003 for privatization (Decision No. 2490/QĐ-TCKT dated September 22, 2004 of the Ministry of Industry) is 84,791,056,926 VND. Among this, the actual value of the State capital in the company is 9,057,444,378 VND.

The total number of preferential shares sold to 1,300 employees within the company is 49,000 shares with a preferential value of 1,470,000,000 VND.

4. Regarding the privatization costs, retraining of employees, and resolution of surplus labor, the company shall handle the procedures, report to the Vietnam Textile and Garment Corporation, and seek approval from relevant state authorities according to current regulations.

Article 2. Convert the Production Import-Export Textile Company Danang into the Danang Production Import-Export Textile Joint Stock Company,

- International trade name: DANANG TEXTILE AND GARMENT MANUFACTURING IMPORT EXPORT JOINT STOCK COMPANY;

- Abbreviation:VINATEX DANANG;

- Head office address: 25 Tran Quy Cap Street, Da Nang City.

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

- Producing and trading ready-made garments for export, embroidery products, knitted goods, woolen garments; raw materials, spare parts, chemicals, dyes, and final products of the textile industry; sewing machines and equipment;

- Acting as an agent and trading in equipment, consumer goods; logistics services, warehousing, and transportation of imported and exported goods;

- Trading in seafood raw materials, food technology products, automobiles, air conditioners, and other consumer goods;

- Operating hotels, restaurants, tourism services, entertainment areas;

- Installing and setting up household and industrial electrical systems serving the textile industry and civil construction; refrigeration systems;

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

Article 4. The Danang Production Import-Export Textile Joint Stock Company is a legal entity under Vietnamese law from the date of registration for business operations; it is entitled to use its own seal and open bank accounts in accordance with the law; it organizes and operates in accordance with the Company's Charter and the Law on Enterprises.

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

The Director and Chief Accountant of the Production Import-Export Textile Company Danang 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 Manager of the joint stock company.

Article 6. The Standard Measurement Quality Control Department shall be responsible for organizing and guiding the implementation of the Regulations adopted herein.

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 Textile and Garment Corporation, the Director of the Production Import-Export Textile Company Danang, and the Chairman of the Board of Directors and the General Manager of the Danang Production Import-Export Textile Joint Stock Company are responsible for implementing this Decision./.