Decision No. 251/2003/QĐ-BCN on transferring the Civil and Artistic Glassware Workshop of the Electrical Insulation Ceramic Enterprise under Electricity Company 1 to a Joint Stock Ceramic Glassware Company.

DECISION OF THE MINISTER OF INDUSTRY

Regarding the transfer of the Consumer and Artistic Glassware Workshop of the Insulator Ceramic Factory under the First Electricity Corporation to Porcelain and Glass Joint Stock Company

Considering the proposal of Vietnam Electricity Corporation (Document No. 428/CV-EVN-HĐQT dated December 24, 2003), the privatization plan for the Consumer and Artistic Glassware Workshop of the Insulator Ceramic Factory under the First Electricity Corporation, and the appraisal report of the Enterprise Reform and Development Board of the Ministry on December 30, 2003;

Approves the privatization plan for the Consumer and Artistic Glassware Workshop of the Insulator Ceramic Factory under the First Electricity Corporation (a member enterprise operating independently under Vietnam Electricity Corporation) as follows:

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;

The charter capital of the joint stock company is 2,000,000,000 VND (Two billion VND).

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

DECISION:

Article 1. The percentage of shares sold to employees in the workshop is: 100%.

1. Capital structure:

2. The actual value of the Consumer and Artistic Glassware Workshop of the Insulator Ceramic Factory under the First Electricity Corporation at the time of December 31, 2002 for privatization (Decision No. 3120/QĐ-TCKT dated November 18, 2003 of the Ministry of Industry) is 1,148,738,323 VND. Of which, the actual value of the State capital in the workshop is 1,148,738,323 VND.

3. Benefits for employees in the workshop.

Value of one share: 100,000 VND.

A total of 10,685 preferential shares are sold to 63 employees in the workshop with a preferential value of 320,550,000 VND. Among them, 2,137 preferential shares are sold on credit to 23 poor employees, valued at 149,590,000 VND.

4. Regarding the privatization costs, retraining of employees, and surplus labor resolution of the workshop, the First Electricity Corporation shall handle the procedures, report to Vietnam Electricity Corporation, and seek approval from relevant state authorities according to current regulations.

Transfer the Consumer and Artistic Glassware Workshop of the Insulator Ceramic Factory under the First Electricity Corporation to Porcelain and Glass Joint Stock Company,

International trade name: PORCELAIN AND GLASS JOINT STOCK COMPANY;

Article 2. Abbreviation: PGC;

Main office: No. 39B, Tien Hai Town, Thai Binh Province.

Production and trading of ceramic, pottery, consumer glassware, and artistic products;

Production and trading of insulating materials and electrical equipment;

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

Trading and import/export of materials and equipment;

The Porcelain and Glass Joint Stock Company is a legal entity under Vietnamese law from the date of business registration, operates independent economic accounting, uses its own seal, opens bank accounts according to legal provisions, and operates according to the Company's Charter and the Law on Enterprises.

Vietnam Electricity Corporation is responsible for directing the First Electricity Corporation to organize the sale of shares and convene the first General Meeting of Shareholders of the Porcelain and Glass Joint Stock Company in accordance with current regulations.

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

Article 4. The Director and Chief Accountant of the First Electricity Corporation are responsible for managing the operations of the Consumer and Artistic Glassware Workshop of the Insulator Ceramic Factory until the full transfer of capital, assets, labor, and land to the Board of Directors and General Manager of the Porcelain and Glass Joint Stock Company.

Article 5. The Head of the Ministry’s Office, the Inspector General of the Ministry, the Heads of Departments and Directorates under the Ministry, the Chairman of the Board of Directors, and the General Director of Vietnam Electricity Corporation, the Director of the First Electricity Corporation, the Director of the Insulator Ceramic Factory, and the Chairman of the Board of Directors and the General Director of the Porcelain and Glass Joint Stock Company are responsible for implementing this Decision./.

The General Director and Chief Accountant of Electricity Company 1 are responsible for managing the operations of the Civil and Artistic Glassware Workshop of the Insulating Ceramic Factory until the entire capital, assets, labor, and land are transferred to the Board of Directors and General Director of the Ceramic 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 Minister's Inspector, the Heads of Departments and Bureaus under the Ministry, the Chairman of the Management Board, the General Director of Vietnam Electricity Corporation, the General Director of Electricity Company 1, the General Director of the Insulating Ceramic Factory, and the Chairman and General Director of the Ceramic Glass Joint Stock Company are responsible for implementing this Decision./.