Decision No. 165/2004/QĐ-BCN of the Ministry of Industry on the transformation of the Oil and Gas Investment and Construction Consulting Company into the Oil and Gas Investment and Design Joint Stock Company, stipulates the charter capital structure, benefits for employees, international trade name, business sectors, and responsibilities of related parties.
Key points
- The Oil and Gas Investment and Construction Consulting Company shall be transformed into the Oil and Gas Investment and Design Joint Stock Company with a charter capital of 25 billion VND, of which the State holds 51%, internal employees 20%, and external sale 29%.
- Employees shall be granted preferential purchase of 18,420 shares with a preferential value of 552.6 million VND, including 3,660 shares for poor employees to be paid off gradually.
- The company shall engage in businesses such as investment consulting projects, oil and gas exploitation, manufacturing oil and gas technology products, survey design and construction installation.
- The Vietnam Oil and Gas Corporation shall be responsible for directing the sale of shares and organizing the first General Meeting of Shareholders.
- The Director and Chief Accountant of the Oil and Gas Investment and Construction Consulting Company shall be responsible for managing until the full transfer of capital, assets, labor, and land to the Board of Directors and General Director of the Joint Stock Company.
🌐 Social impact of this document
- Positive impact: Creates opportunities for employees to purchase preferential shares, contributing to the development of the enterprise.
- Negative impact: May cause financial burden on the company during the transformation and share sale process.
❓ Frequently asked questions
What is the charter capital of the joint stock company?
The charter capital of the joint stock company is 25 billion VND (25,000,000,000 VND).
What percentage of the charter capital does the State hold?
The State holds 51% of the charter capital.
How many shares are employees entitled to purchase at a preferential price?
Internal employees are entitled to purchase 18,420 shares at a preferential price.
In which business sectors does the company operate?
The company operates in business sectors such as investment consulting projects, oil and gas exploitation, manufacturing oil and gas technology products, survey design and construction installation.
When does this decision take effect?
This decision takes effect fifteen days after its publication in the Official Gazette.
Full text
Pursuant to …;
Regarding the conversion of the Investment and Construction Consulting Company for Oil and Gas into the PetroVietnam Investment and Design Joint Stock Company
The Investment and Construction Consulting Company for Oil and Gas shall be converted into the PetroVietnam Investment and Design 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 the Vietnam Oil and Gas Corporation (Letter No. 5916/CV-HĐQT dated November 11, 2004), the plan for the conversion of the Investment and Construction Consulting Company for Oil and Gas into a joint stock company, and the minutes of the review of the plan by the Enterprise Reform and Development Board of the Ministry dated November 17, 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 plan for the conversion of the Investment and Construction Consulting Company for Oil and Gas (a subsidiary under independent accounting of the Vietnam Oil and Gas Corporation) comprising the following main points:
The registered capital of the Company is 25,000,000,000 VND (Twenty-five billion VND). Of which:
- Shareholding ratio sold outside the company: 10.04%.
- The proportion of shares sold to employees within the Company: 20.00%;
- The proportion of shares sold outside the Company: 29.00%.
The value of one share: 100,000 VND.
2. The actual value of the Investment and Construction Consulting Company for Oil and Gas at the time of December 31, 2003 for the purpose of conversion (Decision No. 2759/QĐ-TCKT dated October 20, 2004 of the Ministry of Industry) is 116,975,311,329 VND. Of which, the actual value of the State's capital portion in the Company is 57,293,270,171 VND.
4. Regarding the costs of conversion, retraining of employees, and surplus labor resolution, the Company will process the necessary procedures, report to the Vietnam Oil and Gas Corporation, and seek approval from relevant state authorities according to current regulations.
Article 2. Converts the Investment and Construction Consulting Company for Oil and Gas into the PetroVietnam Investment and Design Joint Stock Company,
- International trade name: PETROVIETNAM INVESTMENT CONSULTANCY AND ENGINEERING JOINT STOCK COMPANY;
- Abbreviation: PV ENGINEERING;
- Head office: 201 Dien Bien Phu Street, Ward 15, Binh Thanh District, Ho Chi Minh City.
Article 3. The Joint Stock Company engages in the following business activities:
- Investment consulting for projects;
- Investment and operation of oil and gas projects and other construction projects; manufacturing oil and gas technology products;
- Surveying, designing, inspecting, and constructing installation works in part or as a whole (EPC) for oil and gas, civil, industrial, and transportation projects;
- Engaging in other businesses in accordance with the provisions of the law.
Article 4. The PetroVietnam Investment and Design Joint Stock Company is a legal entity under Vietnamese law from the date of registration for business operations; it may 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 Oil and Gas Corporation is responsible for directing the Investment and Construction Consulting Company for Oil and Gas 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 Investment and Construction Consulting Company for Oil and Gas are responsible for managing the affairs of the Company until the transfer of all capital, assets, personnel, 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 the Vietnam Oil and Gas Corporation, the Director of the Investment and Construction Consulting Company for Oil and Gas, and the Chairman of the Board of Directors and the General Manager of the PetroVietnam Investment and Design Joint Stock Company are responsible for implementing this Decision./.
DEPUTY MINISTER
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