Decision No. 2884/QD-BCN Regarding the approval of the plan and the transformation of Cần Thơ Mechanical and Electrical Machinery Company into Cần Thơ Mechanical and Electrical Machinery Joint Stock Company

Pursuant to …;

Regarding the approval of the plan and the transformation of the Mechanical Electrical Machinery Company of Can Tho into the Joint Stock Mechanical Electrical Machinery Company of Can Tho

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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;
Pursuant to Decision No. 2410/QD-TCKT dated July 27, 2005 of the Minister of Industry on determining the value of the Mechanical Electrical Machinery Company of Can Tho under the General Corporation of Machinery and Industrial Equipment for shareholding reform;
Considering the proposal of the General Corporation of Machinery and Industrial Equipment (Report No. 838/TT-HĐQT dated August 30, 2005), the Shareholding Reform Plan of the Mechanical Electrical Machinery Company of Can Tho and the Audit Report of the Enterprise Renewal and Development Board of the Ministry dated September 9, 2005;
At the proposal of the Enterprise Renewal and Development Board and the Director of the Personnel and Organization Department,

DECISION:

Article 1. Approves the Shareholding Reform Plan of the Mechanical Electrical Machinery Company of Can Tho (a subsidiary company operating independently under the General Corporation of Machinery and Industrial Equipment) with the main contents as follows:

1. Vietnamese name: Joint Stock Mechanical Electrical Machinery Company of Can Tho

- International trade name: CANTHO MECHANICAL ELECTRICAL MACHINERY JOINT STOCK COMPANY;

- Abbreviation: CT.MEM.CO

- Head office: No. 103 Nguyen Trai Street, An Hoi Ward, Ninh Kieu District, Can Tho City.

2. The Joint Stock Mechanical Electrical Machinery Company of Can Tho shall have legal personality under Vietnamese law from the date of registration for business; implement independent economic accounting; have its own seal, open accounts at banks in accordance with the law; organize and operate according to the Articles of Association of the Joint Stock Company and the Law on Enterprises.

3. The joint stock company engages in the following businesses:

- Production and business: mechanical products, transportation machinery, machines, agricultural equipment, various spare parts, electrical and electronic products, refrigeration equipment, zinc-plated steel components and various gases for industry and healthcare...;

- Production of paper, paper products, and other packaging materials, composite material products;

- Construction and installation of various types of roads and bridges;

- Design, manufacture, and installation of oxygen distribution systems for the medical sector;

- Installation of industrial and civil construction projects. Real estate trading, leasing offices, shopping centers, supermarkets, and residential buildings;

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

4. Registered capital and structure of issued shares:

a) Registered capital: 11,880,000,000 VND (Eleven billion eight hundred eighty million VND);

b) Initial issued shares amounting to 11,800,000,000 VND, corresponding to 1,188,000 shares, each share having a par value of 10,000 VND, including:

- State-owned shares: 534,600 shares, accounting for 45.00% of the registered capital;

- Preferential shares sold to employees of the enterprise: 183,200 shares, accounting for 15.42% of the registered capital;

- Shares sold through public auction: 470,200 shares, accounting for 39.58% of the registered capital.

5. Starting price for public auction: 10,020 VND per share.

Share selling agency: Securities Company, Vietnam Investment and Development Bank Branch in Ho Chi Minh City.

6. Employee preferences:

A total of 183,200 preferential shares will be sold to 145 employees of the enterprise as listed in the Shareholding Reform Plan of the enterprise.

7. Employee restructuring plan:

- Total number of employees up to the time of shareholding reform: 168 people;

- Total number of employees transferred to the Joint Stock Company: 150 people;

- Total number of surplus employees receiving benefits under Decree No. 41/2002/ND-CP and Decree No. 155/2004/ND-CP: 18 people.

8. Costs of shareholding reform: 200,000,000 VND.

The Director of the Mechanical Electrical Machinery Company of Can Tho decides and is responsible for the actual necessary costs of the shareholding reform of the company and for settling employee preferences, surplus labor costs, and retraining costs for employees in accordance with state regulations.

Article 2. The Enterprise Renewal and Development Board of the Ministry is responsible for directing the General Corporation of Machinery and Industrial Equipment and the Mechanical Electrical Machinery Company of Can Tho to carry out the sale of shares, settle employee preferences, shareholding reform costs, surplus labor costs, convene the first General Meeting of Shareholders of the Joint Stock Company, and perform all necessary tasks to transform the company into a Joint Stock Company in accordance with the provisions of the law.

The Director of the Mechanical Electrical Machinery Company of Can Tho is responsible for managing the company until the transfer of all assets, funds, employees, and land to the Joint Stock Company and is liable for the results of the company's business operations in accordance with current laws.

Article 3. This Decision shall take effect from the date of signing.

The Chief of the Ministry's Office, the Inspector General of the Ministry, the Heads of Departments and Bureaus under the Ministry, the Enterprise Renewal and Development Board of the Ministry, the Board of Directors of the General Corporation of Machinery and Industrial Equipment, the Director of the Mechanical Electrical Machinery Company of Can Tho, and the Board of Directors of the Joint Stock Mechanical Electrical Machinery Company of Can Tho are responsible for implementing this Decision./.