Decision No. 29/2002/QD-BCN Regarding the Conversion of Duc Giang Metal Processing Workshop under Hanoi Metal Corporation into Thang Long Steel Joint Stock Company.

DECISION OF THE MINISTER OF INDUSTRY

Regarding the transfer of the Duc Giang Metal Processing Workshop under the Hanoi Metal Company to Thang Long Steel Joint Stock Company

Citing Government Decree No. 74/CP dated November 1, 1995 on the functions, tasks, powers, and organizational structure of the Ministry 

THE MINISTER OF INDUSTRY

Citing Government Decree No. 44/1998/NĐ-CP dated June 29, 1998 on the transfer of state-owned enterprises to joint stock companies; Considering the proposal of Vietnam Steel Corporation (Proposal No. 1124/T-TC dated June 11, 2002), the plan to transfer the Duc Giang Metal Processing Workshop under the Hanoi Metal Company to a joint stock company, and the review report on the plan dated June 21, 2002 by the Enterprise Reform and Development Board of the Ministry chức - cán bộ,

Industry; At the proposal of the Enterprise Reform and Development Board of the Ministry

Industry and the Director of the Organizational and Cadre Affairs Department, CApprove the plan for the conversion of the Duc Giang Metal Processing Workshop under the Hanoi Metal Company (an independent accounting unit of Vietnam Steel Corporation) as follows:

The charter capital of the joint stock company is: 8,000,000,000 VND (eight billion VND). Of which: State shareholding ratio: 36.4%; Shareholding ratio sold to employees within the workshop: 17.5%; 

DECISION:

1. Registered capital structure.

2. The actual value of the Duc Giang Metal Processing Workshop under the Hanoi Metal Company (Decision No. 2742/2001/QĐ-TC dated December 26, 2001 of Vietnam Steel Corporation on determining the enterprise value for the purpose of conversion) as of July 1, 2001 for conversion purposes is: 3,367,500,000 VND. Of which, the actual value of the state capital at the workshop: 3,367,500,000 VND.

3. Employee benefits.

A total of 6,550 preferential shares were sold to 36 employees with a preferential value of 196,500,000 VND. Among them, 1,330 preferential shares were sold on credit to 8 disabled employees with a value of 93,100,000 VND.

4. Regarding the costs of conversion and training, the Hanoi Metal Company shall handle the procedures and report to Vietnam Steel Corporation for decision in accordance with current regulations.

Value of one share: 100,000 VND.

Transfer the Duc Giang Metal Processing Workshop under the Hanoi Metal Company to Thang Long Steel Joint Stock Company:

International trade name in English: THANGLONG STEEL JOINT STOCK COMPANY;

Abbreviation: THEP THANGLONG;

Headquartered in Duc Giang Town, Gia Lam District, Hanoi City.

Article 2. Thang Long Steel Joint Stock Company engages in the following business activities (at the time of conversion to a joint stock company):

Metal processing, rolling, drawing, and steel product structures;

Trading in iron and steel products, construction materials, and consumer goods;

Importing and exporting metal, electrical, machinery, and consumer goods;

Article 3. Office services, warehousing, factory space, and loading and unloading services

Thang Long Steel Joint Stock Company is a legal entity under Vietnamese law from the date of registration for business operations, operates independently, uses its own seal, opens bank accounts according to the law, and operates according to the Articles of Association of the joint stock company and the Law on Enterprises.

Vietnam Steel Corporation is responsible for directing the Duc Giang Metal Processing Workshop under the Hanoi Metal Company to organize the founding shareholders' meeting.

The General Director and Chief Accountant of the Hanoi Metal Company are responsible for managing the operations of the workshop until the full transfer of capital assets, labor, and land to the Board of Directors and General Manager of Thang Long Steel Joint Stock Company.

This Decision takes effect fifteen days after the date of signature. All previous decisions contrary to this Decision are abolished.

Article 4. 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 and the General Director of Vietnam Steel Corporation, the General Director of the Hanoi Metal Company, and the Chairman of the Board of Directors and General Director of Thang Long Steel Joint Stock Company are responsible for implementing this Decision.

Article 5. The Vietnam Steel Corporation is responsible for directing the Duc Giang Metal Processing Workshop under the Hanoi Metals Company to organize the Shareholders' Meeting for establishment.

The General Director and Chief Accountant of the Hanoi Metals Company are responsible for managing the operations of the workshop until the entire capital assets, labor, and land are transferred to the Board of Directors and General Director of the Thang Long Steel Joint Stock Company.

Article 6. This Decision shall take effect fifteen days from the date of signature. Decisions contrary to this Decision are hereby abolished.

The Head of the Ministry's Office, the Inspector General of the Ministry, the Heads of Departments and Directors of Bureaus under the Ministry, the Chairman of the Board of Directors and General Manager of the Vietnam Steel Corporation, the General Director of the Hanoi Metals Company, and the Chairman of the Board of Directors and General Director of the Thang Long Steel Joint Stock Company are responsible for implementing this Decision.