Decision No. 235/2003/QD-BCN on the conversion of Vinapac Packaging Plant under Teenage Pioneer Plastic Company into Vinapac Joint Stock Company

DECISION OF THE MINISTER OF INDUSTRY

Regarding the transfer of Vinapac Packaging Plant under Youth Pioneer Plastic Company to Vinapac Joint Stock Company

Considering the proposal of Youth Pioneer Plastic Company (Memorandum No. 42/PA-NTP dated November 20, 2003), the privatization plan for Vinapac Packaging Plant and the appraisal report of the Enterprise Reform and Development Board on December 17, 2003; 

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;

Approves the privatization plan for Vinapac Packaging Plant under Youth Pioneer Plastic Company (a subsidiary of the Ministry of Industry) including the following main points:

At the proposal of the Enterprise Reform and Development Board and the Director of the Personnel and Organization Department,

DECISION:

Article 1. State share: 20.00%;

1. Capital structure:

The charter capital of the joint stock company is 4,000,000,000 VND (Four billion VND). Of which:

Share sold to employees within the plant: 65.32%;

Share sold outside the plant: 14.68%.

2. The actual value of Vinapac Packaging Plant under Youth Pioneer Plastic Company at the valuation date of December 31, 2002 for privatization (Decision No. 2947/QĐ-TCKT dated November 10, 2003 of the Ministry of Industry) is 21,222,809,043 VND. Of which, the actual value of the state capital in the plant is 2,572,388,871 VND.

Value of one share: 100,000 VND.

The total number of preferential shares sold to 134 employees in the plant is 12,430 shares with a preferential value of 372,900,000 VND.

3. Employee benefits.

4. Regarding the privatization costs of the plant, Youth Pioneer Plastic Company shall handle the procedures, report to the Ministry of Industry and relevant state authorities for approval in accordance with current regulations.

Transfer Vinapac Packaging Plant under Youth Pioneer Plastic Company to Vinapac Joint Stock Company,

Abbreviation: VINAPAC;

Main office located at: No. 2 An Da Street, Ngo Quyen District, Hai Phong City.

Producing PP packaging, cement bags, and various types of paper bags; Producing composite film packaging; Engaging in other business activities in accordance with the provisions of the law.

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

Vinapac Joint Stock Company is a legal entity under Vietnamese law from the date of registration for business operation, independently accounting for economic activities, using its own seal, opening bank accounts in accordance with the law, operating according to the Articles of Association of the company and the Enterprise Law.

Article 4. Youth Pioneer Plastic Company shall proceed to sell shares and organize the first General Meeting of Shareholders of Vinapac Joint Stock Company in accordance with current regulations.

Article 5. The Director and Chief Accountant of Youth Pioneer Plastic Company are responsible for managing the operations of the plant until the full transfer of capital, assets, labor, and land to the Board of Directors and General Manager of Vinapac Joint Stock Company.

The Head of the Ministry's Office, the Inspector General of the Ministry, the Heads of Departments and Bureaus under the Ministry, the Director of Youth Pioneer Plastic Company, and the Chairman of the Board of Directors and General Manager of Vinapac Joint Stock Company are responsible for implementing this Decision./.

Article 6. This Decision takes effect fifteen days from the date of publication in the Official Gazette.

The Head of the Ministry’s Office, the Inspector General of the Ministry, the Heads of Departments, Directors of Agencies under the Ministry, the Director of the Youth Pioneers Plastic Company, and the Chairman of the Board of Directors and the General Director of Vinapac Joint Stock Corporation are responsible for implementing this Decision./.