Decision No. 2850/QD-BCN amends Clause 4 and Clause 6 of Decision No. 1006/QD-TCCB dated March 21, 2005, issued by the Minister of Industry on approving the plan and transferring Textile Victory Company's Factory 1, Factory 3, Factory 5, and Fashion Center to Victory Textile Joint Stock Company.

Pursuant to …;

Amending Clause 4 and Clause 6 of Decision No. 1006/QD-TCCB dated March 21, 2005 of the Minister of Industry on approving the plan and transferring Textile Factories No. 1, No. 3, No. 5 and Fashion Center of Viet Thang Textile Company to Viet Thang Garment Joint Stock Company

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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. 187/2004/NĐ-CP dated November 16, 2004 of the Government on the conversion of state-owned companies into joint-stock companies;

Considering the proposal of Vietnam National Textile and Garment Corporation (Report No. 1387/TTr-CPH dated August 30, 2005);

In accordance with the proposal of the Enterprise Reform and Development Board and the Director of the Organization and Cadre Department,

DECISION:

Article 1. Amending Clause 4 and Clause 6 of Decision No. 1006/QD-TCCB dated March 21, 2005 of the Minister of Industry on approving the plan and transferring Textile Factories No. 1, No. 3, No. 5 and Fashion Center of Viet Thang Textile Company to Viet Thang Garment Joint Stock Company as follows:

"4. Registered capital and share structure:
a) Registered capital: 16,000,000,000 VND (Sixteen billion VND).
b) The initial public offering is 16,000,000,000 VND, corresponding to 1,600,000 shares, each share having a par value of 10,000 VND, including:

- State shares: 836,300 shares, accounting for 52.27% of the registered capital;

- Preferential shares sold to employees of the enterprise: 492,000 shares, accounting for 30.75% of the registered capital;

- Preferential shares sold to strategic investors: 152,700 shares, accounting for 9.55% of the registered capital;

- Shares sold through public auction: 119,000 shares, accounting for 7.43% of the registered capital".
"6. Preferences for employees and strategic investors:

- The total number of preferential shares sold to 405 employees of the enterprise is 492,000 shares, according to the privatization plan of the enterprise.

- The strategic investor is Viet Thang - Luch I Joint Venture Company (address: District I, Linh Trung Ward, Thu Duc District, Ho Chi Minh City) is entitled to purchase 152,700 preferential shares".

Article 2. This Decision shall take effect from the date of signing.

The Chief of the Ministry's Office, the Inspector General of the Ministry, Heads of Departments and Bureaus under the Ministry, the Enterprise Reform and Development Board, the Board of Directors of Vietnam National Textile and Garment Corporation, the General Director of Viet Thang Textile Company, and the Board of Directors of Viet Thang Garment Joint Stock Company are responsible for implementing this Decision.