Decision No. 16/2006/QĐ-TTg Approves the Project to Establish the Saigon Industry Corporation Operating under the Parent Company - Subsidiary Model

Pursuant to …;

Approving the Project to Establish the Saigon Industrial Holding Corporation operating under the holding company - subsidiary model

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PRIME MINISTER

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

Pursuant to the Enterprise Law No. 13/1999/QH10 dated June 12, 1999;

Pursuant to the State-Owned Enterprise Law No. 14/2003/QH11 dated November 26, 2003;

Pursuant to the Government Decree No. 153/2004/NĐ-CP dated August 9, 2004 on the organization and management of state-owned holding corporations and the transformation of state-owned holding corporations and independent state-owned enterprises into the holding company - subsidiary model;

Considering the proposal of the Chairman of the People's Committee of Ho Chi Minh City,

DECISION:

Article 1. Approves the Project to establish the Saigon Industrial Holding Corporation operating under the holding company - subsidiary model:

1. The Saigon Industrial Holding Corporation engages in diversified business activities, with the main industry being the production and trading of tobacco products; it invests in developing mechanical, electromechanical, and electronic industries at its subsidiaries and associated companies, serving as a core force in implementing the industrial development plan for Ho Chi Minh City.

2. The holding company - Saigon Industrial Holding Corporation (Sai Gon Industry Corporation) is a state-owned enterprise formed based on the restructuring of the Ben Thanh Tobacco Company under the Ho Chi Minh City Industry Department.

3. Subsidiaries are joint-stock companies in which the holding company has controlling equity, including:

- Thong Nhat Rubber Company,

- Saigon Plastic Joint-Stock Company,

- Friendship Industry and Trade Joint-Stock Company,

- Electronics - TIE Joint-Stock Company,

- Electrical Machinery - LIDICO Company,

- Saigon Electronics - SAGEL Company,

- Saigon Electronics and Information Technology Company.

4. Associated companies and companies in which the holding company has non-controlling equity include:

- Machine Manufacturing - SINCO Joint-Stock Company,

- Ben Thanh Rubber Company,

- Do Thanh Plastic Joint-Stock Company.

5. The Saigon Industrial Holding Corporation operates under the holding company - subsidiary model, conducting business accounting in accordance with the provisions of the law, the Charter of Organization and Operation, and the Financial Regulations approved by the competent state authority. The management structure of the Holding Corporation includes the Board of Directors, General Director, Deputy General Directors, Chief Accountant, and supporting staff.

Article 2. Assignment of Tasks:

1. Chairman of the People's Committee of Ho Chi Minh City:

- Decides to establish the holding company - Saigon Industrial Holding Corporation and the formation of subsidiaries and associated companies as stipulated in Article 1 of this Decision in accordance with current regulations.

- Approves the Charter of Organization and Operation of the holding company - Saigon Industrial Holding Corporation.

2. Minister of Finance approves the Financial Regulations of the holding company - Saigon Industrial Holding Corporation upon the proposal of the People's Committee of Ho Chi Minh City.

Article 3. This Decision shall take effect 15 days from the date of publication in the Official Gazette.

The Chairman of the People's Committee of Ho Chi Minh City, the Minister of Finance, and the heads of relevant agencies are responsible for implementing this Decision./.