Decision No. 150/2004/QĐ-BCN of the Ministry of Industry on the conversion of Investment, Trade and Service Company to Investment, Trade and Service Joint Stock Company. The Decision stipulates the charter capital structure, actual value of the company, business sectors, and responsibilities of related parties.
Key points
- Investment, Trade and Service Company will be converted into Investment, Trade and Service Joint Stock Company with a charter capital of 20 billion VND, of which the State holds 57%, employees of the company hold 40.61%, and the remaining 2.39% is sold outside the company.
- The Joint Stock Company will operate in sectors such as coal mining, heavy truck production, construction of transportation infrastructure, real estate investment, import and export, inland waterway and road transport.
- The Joint Stock Company becomes a legal entity under Vietnamese law from the date of registration for business.
- Vietnam National Coal-Mineral Industries Group Corporation is responsible for directing Investment, Trade and Service Company to sell shares and organize the first General Meeting of Shareholders.
- This Decision shall take effect fifteen days after its publication in the Official Gazette.
🌐 Social impact of this document
- Positive impact: Creates opportunities for company employees to purchase preferential shares, contributing to improving their income and ownership rights.
- Negative impact: May cause management and operational fluctuations in the company before the conversion.
❓ Frequently asked questions
What business sectors will the Joint Stock Company operate in?
The Joint Stock Company will operate in sectors such as coal exploration, extraction, processing, and trading; earthmoving, leveling, and transportation services for coal and rock; heavy truck and specialized vehicle manufacturing, sales, and warranty service; construction of transportation, industrial, and civil infrastructure; new shipbuilding and renovation; infrastructure and real estate investment and trading; direct import and export, agency import and export of materials, equipment, vehicles, raw materials, steel, fuel, consumer goods; inland waterway and road transport, port and terminal operations; consulting, surveying, supervision, design, planning, budgeting, and total budgeting for construction projects and technical infrastructure; agency sales for foreign brands serving both within and outside the industry; other business sectors in accordance with the law.
What is the charter capital of the Joint Stock Company?
The charter capital of the Joint Stock Company is 20 billion VND (20,000,000,000 VND).
What percentage of the charter capital does the State hold in the Joint Stock Company?
The State holds 57% of the charter capital of the Joint Stock Company.
What preferential treatment will employees of the company receive?
Employees of the company will be able to purchase 70,100 shares at a preferential value of 2,103,000,000 VND.
When does this Decision come into effect?
This Decision shall take effect fifteen days after its publication in the Official Gazette.
Full text
Pursuant to …;
Regarding the transformation of Investment, Trading and Service Company
into Investment, Trading and Service 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;
Considering the proposal of Vietnam Coal Corporation (Proposal No. 4124/TTr-HĐQT dated November 25, 2004), the Privatization Plan for Investment, Trading and Service Company and the Appraisal Report on the Plan by the Department of Enterprise Reform and Development of the Ministry dated November 30, 2004;
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 for Investment, Trading and Service Company (a subsidiary operating independently under Vietnam Coal Corporation) including the following main points:
1. Capital structure:
The charter capital of the joint stock company is 20,000,000,000 Vietnamese dong (Twenty billion Vietnamese dong). Of which:
State shareholding ratio: 57.00%;
Shareholding ratio sold to employees within the company: 40.61%;
Shareholding ratio sold outside the company: 2.39%.
The value of one share: 100,000 VND.
The actual value of Investment, Trading and Service Company at the valuation date of December 31, 2003 for privatization (Decision No. 3081/QĐ-TCKT dated November 17, 2004 of the Ministry of Industry) is 21,167,618,973,000 VND. Of this, the actual value of the state capital in the company is 1,291,649,463,000 VND.
Additional capital from Vietnam Coal Corporation to Investment, Trading and Service Company is 7,083,505,370 VND (Decision No. 2109/QĐ-HĐQT dated November 24, 2004 of the Board of Directors of Vietnam Coal Corporation).
3. Preferential treatment for employees of the Company.
The total number of preferential shares sold to 504 employees within the company is 70,100 shares with a preferential value of 2,103,000,000 VND.
Regarding privatization costs, retraining of employees, and surplus labor resolution, the company shall process and report to Vietnam Coal Corporation and relevant state authorities for approval according to current regulations.
Article 2. Transform Investment, Trading and Service Company into Investment, Trading and Service Joint Stock Company,
- International trade name: INVESTMENT, TRADING AND SERVICE JOINT STOCK COMPANY;
- Abbreviation: ITASCO;
- Head office: No. 10 Ho Xuan Huong Street, Hong Bang District, Hai Phong City.
Article 3. The joint stock company engages in the following business activities:
- Exploitation, recovery, processing, and trading of coal and various minerals;
- Excavation, leveling, transportation of coal and earth;
- Production, assembly, sale, and warranty of heavy trucks and specialized vehicles;
- Production of automobile parts and mechanical products;
- Construction of transportation, industrial, and civil works;
- Building, renovation of water and land transport means (barges 250-500 tons, tugboats 150-200 horsepower);
- Investment and operation of infrastructure and real estate;
- Trading, direct import and export, agency import and export of various materials, equipment, means of transport, raw materials, steel, gasoline, oil; consumer goods;
- Waterway and road transportation, port and wharf operations;
- Consulting, surveying, supervision, design, planning, budgeting, and total budgeting of construction projects and technical infrastructure works.
- Agency sales for foreign brands serving production both within and outside the industry;
- Engaging in other businesses in accordance with the provisions of the law.
Article 4. Investment, Trading and Service Joint Stock Company is a legal entity under Vietnamese law from the date of business registration; it may use its own seal and open bank accounts in accordance with the law; it operates and conducts activities in accordance with the Company's Charter and the Law on Enterprises.
Article 5. Vietnam Coal Corporation is responsible for directing Investment, Trading and Service Company to sell shares and organize the first General Meeting of Shareholders of the Joint Stock Company in accordance with current regulations.
The Director and Chief Accountant of Investment, Trading and Service Company 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, the General Director of Vietnam Coal Corporation, the Director of Investment, Trading and Service Company, and the Chairman of the Board of Directors and General Director of Investment, Trading and Service Joint Stock Company are responsible for implementing this Decision./.
DEPUTY MINISTER
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