Decision No. 150/2003/QĐ-BCN On the conversion of the Service Life Enterprise under Electric Installation Construction Company No. 3 into the Green Tourism Joint Stock Company of Nghệ An Province

DECISION

Regarding the transfer of the Service Life Enterprise under the Third Electric Construction Corporation to the Nghe An Green Tourism Joint Stock Company

The Third Electric Construction Corporation (hereinafter referred to as "the Corporation") requests approval for the conversion of the Service Life Enterprise, a dependent enterprise of the Corporation, into the Nghe An Green Tourism Joint Stock Company.

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 of the Third Electric Construction Corporation piloting operations under the parent company - subsidiary model;

Considering the proposal of the Third Electric Construction Corporation (Document No. 03946 CV/XLĐ3-TH dated September 11, 2003), the privatization plan of the Service Life Enterprise, and the appraisal report of the Reform and Development Enterprise Board of the Ministry dated September 16, 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 Service Life Enterprise, a dependent enterprise of the Third Electric Construction Corporation, including the following main points:

1. Capital structure:

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 Enterprise: 20.00%;

- The proportion of shares sold outside the Enterprise: 29.00%.

The value of one share: 100,000 VND.

2. The actual value of the Service Life Enterprise at the time of January 1, 2003 for privatization (Decision No. 2268/QĐ-TCKT dated September 10, 2003 of the Ministry of Industry) is 7,501,328,288 VND. Of which, the actual value of the State capital in the Enterprise is 6,908,965,287 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 74 employees within the Enterprise is 9,980 shares with a preferential value of 229,400,000 VND. Among them, the number of preferential shares sold on credit to one poor employee is 148 shares, valued at 10,360,000 VND.

4. The Third Electric Construction Corporation 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 redundant labor and retrain labor of the Enterprise according to current regulations.

5. For redundant labor of the Enterprise falling under Decree No. 41/2002/NĐ-CP, the Third Electric Construction Corporation shall handle procedures and report to the Ministry of Industry and relevant state agencies for approval according to current regulations.

Article 2. Transfer the Service Life Enterprise to the Nghe An Green Tourism Joint Stock Company,

International trade name: NGHE AN GREEN TOURISM JOINT STOCK COMPANY;

Abbreviation: GREEN TOUR;

Head office address: No. 2 Mai Hac De Street, Vinh City, Nghe An Province.

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

- Hotel, restaurant, and other services: tourism, sports, entertainment, karaoke, massage;

- International and domestic travel agency business; passenger transportation and cargo transport by road;

- Sale of goods: beer, wine, tobacco, drinking water, toiletries, furniture, motorcycles, and office services;

- Investment in tourism development in Nghe An Province and other regions;

- Real estate business, leasing houses, representative offices; urban housing and infrastructure development, industrial zones, new economic zones;

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

Article 4. The Nghe An Green Tourism Joint Stock Company is a legal entity under Vietnamese law from the date of registration, operates independently, uses its own seal, opens bank accounts according to the law, and operates according to the Company's Charter and the Law on Enterprises.

The Nghe An Green Tourism Joint Stock Company is a subsidiary in the pilot parent company - subsidiary model of the Third Electric Construction Corporation.

Article 5. Assigns the Third Electric Construction Corporation to organize the public auction of shares sold outside the Enterprise and to organize the first General Meeting of Shareholders of the Nghe An Green Tourism Joint Stock Company in accordance with current regulations.

The General Director and Chief Accountant of the Third Electric Construction Corporation are responsible for managing the affairs 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 Director of the Ministry's Office, the Inspector General, the Heads of Departments and Bureaus under the Ministry, the General Director of the Third Electric Construction Corporation, and the Chairman of the Board of Directors and General Director of the Nghe An Green Tourism Joint Stock Company are responsible for implementing this Decision./.