Decision No. 245/2003/QĐ-BCN on transferring Thai Binh Glass Workshop under Electric Light Bulb Joint Stock Company to Thai Binh Glass Joint Stock Company

DECISION

Regarding the conversion of Thai Binh Glass Workshop under Electric Light Bulb Joint Stock Company into Thai Binh Glass 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 Electric Light Bulb Joint Stock Company (document number 2097/ĐQ-TCHC dated December 19, 2003), the plan for converting Thai Binh Glass Workshop into a joint stock company, and the appraisal report of the Enterprise Reform and Development Board on this plan dated December 25, 2003;

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

DECISION:

Article 1. Approving the plan for converting Thai Binh Glass Workshop under Electric Light Bulb Joint Stock Company (a subordinate enterprise of the Ministry of Industry) into a joint stock company, which includes the following main points:

1. Capital structure:

The charter capital of the joint stock company is 866,100,000 VND (Eight hundred sixty-six million one hundred thousand VND).

The proportion of shares sold to employees of the workshop is 100%.

Value of one share: 100,000 VND.

2. The actual value of Thai Binh Glass Workshop under Electric Light Bulb Joint Stock Company at the time of conversion (as decided by Decision No. 2758/QĐ-TCKT dated October 27, 2003 of the Ministry of Industry) is 5,857,460,659 VND. Among this, the actual value of the State's capital in the workshop is 866,106,085 VND.

4. Regarding the privatization costs, retraining of employees, and surplus labor resolution of the enterprise, An Lac Shoe Company will handle the procedures, report to the Ministry of Industry and relevant state authorities for approval according to current regulations.

The total number of preferential shares sold to 134 employees of the workshop is 12,430 shares with a preferential value of 372,900,000 VND. Among these, the number of preferential shares sold on credit to 12 poor employees is 1,251 shares, valued at 87,570,000 VND.

4. Regarding the costs of converting to a joint stock company, retraining employees, and resolving surplus labor in the workshop, Electric Light Bulb Joint Stock Company will handle the procedures, report to the Ministry of Industry and relevant state authorities for approval according to current regulations.

Article 2. Convert Thai Binh Glass Workshop under Electric Light Bulb Joint Stock Company into Thai Binh Glass Joint Stock Company,

International trade name: THAIBINH GLASS JOINT STOCK COMPANY;

Abbreviation: TGC;

Main office located at Dong Co Commune, Tien Hai District, Thai Binh Province.

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

Producing and trading medical glass and household glass products;

Engaging in other businesses in accordance with the provisions of the law.

Article 4. Thai Binh Glass Joint Stock Company is a legal entity under Vietnamese law from the date of registration for business operations, 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 joint stock company and the Law on Enterprises.

Article 5. Electric Light Bulb Joint Stock Company shall proceed to sell shares and organize the first General Meeting of Shareholders of Thai Binh Glass Joint Stock Company in accordance with current regulations.

The General Director and Chief Accountant of Electric Light Bulb Joint Stock Company are responsible for managing the operations of the workshop until the transfer of all capital, assets, labor, and land to the Board of Directors and General Director of Thai Binh Glass 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 General Director of Electric Light Bulb Joint Stock Company, the Director of Thai Binh Glass Workshop, and the Chairman of the Board of Directors and General Director of Thai Binh Glass Joint Stock Company are responsible for implementing this Decision./.