Decision No. 144/2002/QĐ-BQP On the transfer of the Packaging Plastic Factory under the Economic Cooperative Company - Military Region 4 to become the Vinh Packaging Plastic Joint Stock Company.

DECISION OF THE MINISTER OF NATIONAL DEFENSE

Regarding the transfer of the Packaging Plastic Factory under

the Economic Cooperation Company - Military Region 4 to become the Vinh Packaging Plastic Joint Stock Company

____________________

MINISTER OF NATIONAL DEFENSE

Pursuant to the Law on Organization dated December 25, 2001;

Pursuant to the Law on Legislative Activities dated November 12, 1996;

Pursuant to Decree No. 41/CP dated July 5, 1996 of the Government on the functions, tasks, powers, and organizational structure of the Ministry d) Important criminal cases;

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;

of National Defense, Considering the proposal of the Commander of Military Region 4 and the Director of the Economic Department of the

DECISION:

Article 1. Ministry of National Defense,

1. Approves the plan for the conversion of the state-owned enterprise's dependent unit, the Packaging Plastic Factory under the Economic Cooperation Company - Military Region 4, as follows:

2. Form of conversion: Selling part of the existing state capital at the enterprise and issuing shares to attract additional capital.

Registered capital of the joint stock company: 14,000,000,000 VND (fourteen billion VND).

State shareholding ratio: 49% of the registered capital.

Shareholding ratio sold to employees within the factory: 12.86% of the registered capital.

3. Shareholding ratio sold to entities outside the factory: 38.14% of the registered capital.

Where:

The actual value of the Packaging Plastic Factory (according to Decision No. 1897/QĐ-BQP dated August 30, 2002 of the Minister of National Defense on determining the enterprise's value for conversion to a joint stock company) at the time of 00:00 on July 31, 2002 is 37,369,114,342 VND (thirty-seven billion three hundred sixty-nine million one hundred fourteen thousand three hundred forty-two VND).

4. Value of the state capital at the enterprise: 10,559,266,187 VND (ten billion five hundred fifty-nine million two hundred sixty-six thousand one hundred eighty-seven VND).

Benefits for employees in the enterprise:

Total number of shares offered at a preferential price to employees in the enterprise: 8,810 shares, with a total preferential value of 264,300,000 VND (two hundred sixty-four million three hundred thousand VND).

5. Total number of shares offered at a preferential price to poor employees in the enterprise to be paid gradually: 10 shares, valued at 700,000 VND (seven hundred thousand VND).

Article 2. Transfer the Packaging Plastic Factory under the Economic Cooperation Company - Military Region 4 to become a joint stock company.

Full name in Vietnamese: Vinh Packaging Plastic Joint Stock Company.

International trade name: VINH PLASTIC & BAGS JOINT STOCK COMPANY.

Abbreviation: VBC.

Main office located at Block 8, Ben Thuy Ward, Vinh City, Nghe An Province.

Article 3. The Vinh Packaging Plastic Joint Stock Company engages in the following business activities:

Production of cement packaging and plastic products.

Printing packaging.

Import and export.

Other business activities as prescribed by law.

Article 4. The Vinh Packaging Plastic Joint Stock Company:

1. Is a legal entity under Vietnamese law from the date of issuance of the Business Registration Certificate, implementing independent economic accounting, having its own seal, and being allowed to open bank accounts according to the law. The Vinh Packaging Plastic Joint Stock Company operates in accordance with the Company Law and the Enterprise Law.

2. The Director and Chief Accountant of the Packaging Plastic Factory under the Economic Cooperation Company - Military Region 4 are responsible for managing the enterprise until the entire enterprise is handed over to the Board of Directors and General Manager of the Vinh Packaging Plastic Joint Stock Company.

Article 5. This Decision takes effect 15 days after the date of signing. All previous provisions contrary to this Decision are abolished.

Article 6. The General Chief of Staff, Director of the Economic Department, Commander of Military Region 4, Director of the Economic Cooperation Company, Director of the Packaging Plastic Factory, and related agencies are responsible for implementing this Decision./.