Decision No. 250/2003/QĐ-BCN On the transfer of the Delivery and Transportation Workshop under Electricity Company 1 to Power Service and Transport Joint Stock Company

DECISION OF THE MINISTER OF INDUSTRY

Regarding the transfer of the Delivery and Transportation Workshop under Electricity Company 1

to become Power Service and Transport 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 Electricity Corporation (Letter No. 434/CV-EVN-HĐQT dated December 29, 2003), the Privatization Plan of the Delivery and Transportation Workshop under Electricity Company 1 and the Appraisal Report of the Plan by the Enterprise Reform and Development Board on December 30, 2003;

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

DECISION:

Article 1. Approves the Privatization Plan of the Delivery and Transportation Workshop under Electricity Company 1 (a member enterprise operating independently under Vietnam Electricity Corporation) including the following main points:

1. Capital structure:

The charter capital of the joint stock company is 13,900,000,000 VND (Thirteen billion nine hundred million VND). Among which:

State shareholding ratio: 51.00 %;

Shareholding ratio sold to employees in the Workshop: 46.39 %;

Shareholding ratio sold outside the Workshop: 2.61 %.

Value of one share: 100,000 VND.

2. The actual value of the Delivery and Transportation Workshop under Electricity Company 1 at the time of privatization on December 31, 2002 (Decision No. 2846/QĐ-TCKT dated October 31, 2003 of the Ministry of Industry) is 18,741,407,879 VND. Among which, the actual value of the state capital portion in the Workshop is 6,642,108,426 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 225 employees in the Workshop is 56,000 shares with a preferential value of 1,680,000,000 VND.

4. Regarding the privatization costs, retraining of employees, and resolution of surplus labor in the Workshop, Electricity Company 1 shall handle the procedures, report to Vietnam Electricity Corporation and relevant state authorities for approval according to current regulations.

Article 2. Transfer the Delivery and Transportation Workshop under Electricity Company 1 to become Power Service and Transport Joint Stock Company,

International trade name: POWER SERVICE AND TRANSPORT JOINT STOCK COMPANY;

Abbreviation: POTRACO;

Head office: No. 231, Ngo Quyen Street, May Chai Ward, Ngo Quyen District, Hai Phong City.

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

Comprehensive warehouse services, cargo reception at domestic railway stations and ports; inland waterway and road transportation;Over-dimensional and overweight cargo transportation, loading and unloading;

Mechanical processing of electrical equipment, household and industrial equipment;

Trading in household and industrial materials and equipment, public telecommunications equipment;

Infrastructure construction business; real estate and housing trading;

Civil and industrial construction; installation of power distribution networks up to 110 kV voltage level;

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

Article 4. Power Service and Transport Joint Stock Company is a legal entity under Vietnamese law from the date of registration for business, operates independent economic accounting, uses its own seal, opens bank accounts in accordance with the law, and operates according to the Company's Charter and the Law on Enterprises.

Article 5. Vietnam Electricity Corporation is responsible for directing Electricity Company 1 to organize the sale of shares and to organize the first General Meeting of Shareholders of the Joint Stock Company in accordance with current regulations.

The Director and Chief Accountant of Electricity Company 1 are responsible for managing the operations of the Delivery and Transportation Workshop until the complete transfer of capital, assets, labor, and land to the Board of Directors and General Manager of Power Service and Transport 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, the General Director of Vietnam Electricity Corporation, the Director of Electricity Company I, the Director of the Delivery and Transportation Workshop, and the Chairman of the Board of Directors and the General Manager of Power Service and Transport Joint Stock Company are responsible for implementing this Decision./.