Decision No. 240/2003/QĐ-BCN on converting Tan Binh Electronics Company into Tan Binh Electronics Joint Stock Company

DECISION OF THE MINISTER OF INDUSTRY

Regarding the conversion of Tan Binh Electronics Company into Tan Binh Electronics 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 Electronics and Information Technology Corporation (Letter No. 132 CV/ĐT-HĐQT dated December 10, 2003 and Decision No. 128 QĐ/ĐT-HĐQT dated December 9, 2003), the plan for the shareholding reform of Tan Binh Electronics Company and the verification report on the plan by the Board for Enterprise Reform and Development of the Ministry dated December 24, 2003;

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

DECISION:

Article 1. Approves the plan for the shareholding reform of Tan Binh Electronics Company (an independent accounting member enterprise of Vietnam Electronics and Information Technology Corporation) including the main points as follows:

1. Capital structure: The charter capital of the joint stock company is 70,000,000,000 VND (Seventy billion VND). Among which: State shareholding ratio: 51.00%; Shareholding ratio sold to employees within the company: 35.30%; Shareholding ratio sold outside the company: 13.70%. Value of one share: 100,000 VND.

2. The actual value of Tan Binh Electronics Company at the time of December 31, 2002 for shareholding reform, including the value of the joint venture capital (Decision No. 2176/QĐ-TCKT dated September 3, 2003 of the Ministry of Industry) is 205,999,000,504 VND. Among which, the actual value of the state capital at the company is 100,922,307,577 VND.

3. Preferential treatment for employees within the company. The total number of shares sold preferentially to 301 employees within the company is 23,630 shares with a preferential value of 708,900,000 VND.

4. Regarding the costs of shareholding reform, retraining employees, and resolving surplus labor, the company will handle procedures, report to Vietnam Electronics and Information Technology Corporation and relevant state agencies for approval according to current regulations.

Article 2. Convert Tan Binh Electronics Company into Tan Binh Electronics Joint Stock Company,

International trade name: VIETTRONICS TAN BINH JOINT STOCK COMPANY; Abbreviation: VTB; Main office located at: 422 Ho Van Hue Street, Ward 9, Phu Nhuan District, Ho Chi Minh City.

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

Production, assembly, warranty, and trading of electrical, electronic, and information technology products;

Real estate trading, rental of offices;

Trading in other industries in accordance with the provisions of the law.

Article 4. Tan Binh Electronics Joint Stock Company is a legal entity under Vietnamese law from the date of registration for business, independently accounting for economic activities, using its own seal, opening bank accounts in accordance with the law, operating in accordance with the Articles of Association of the joint stock company and the Law on Enterprises.

Article 5. Vietnam Electronics and Information Technology Corporation is responsible for directing Tan Binh Electronics Company to organize the auction of shares to external parties through financial intermediaries and convening the first General Meeting of Shareholders of Tan Binh Electronics Joint Stock Company in accordance with current regulations.

The Director and Chief Accountant of Tan Binh Electronics Company are responsible for managing the operations of the company until the transfer of all capital, assets, labor, and land to the Board of Directors and General Manager of Tan Binh Electronics Joint Stock Company.

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 and Bureaus under the Ministry, the Chairman of the Board of Directors, and the General Director of Vietnam Electronics and Information Technology Corporation, the Director of Tan Binh Electronics Company, and the Chairman of the Board of Directors and General Manager of Tan Binh Electronics Joint Stock Company are responsible for implementing this Decision./.