Decision No. 3642/QD-BCN Regarding the approval of the plan and the conversion of the Plastic Paint Company into the Joint Stock Paint - Plastic Company

Pursuant to …;

Regarding the approval of the plan and the transformation of the Plastic Paint Company into the Joint Stock Company of Paint and Plastic

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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. 2418/QĐ-BCN dated July 27, 2005 of the Minister of Industry on determining the value of the Paint and Plastic Company under the Vietnam Chemicals Corporation for shareholding reform;
Considering the proposal of the Vietnam Chemicals Corporation (Letter No. 1280/CV-HĐQT dated November 1, 2005), the Shareholding Reform Plan of the Paint and Plastic Company, and the Audit Report of the Enterprise Renewal and Development Board of the Ministry dated October 18, 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 Paint and Plastic Company (a subsidiary operating independently under the Vietnam Electronics and Information Technology Corporation) with the main contents as follows:

1. Vietnamese name: Joint Stock Company of Paint and Plastic,

- International trade name: PAINT AND PLASTIC JOINT STOCK COMPANY;

- Abbreviation: PPC;

- Head office: No. 35 Dang Van Nu, Ward 10, Phu Nhuan District, Ho Chi Minh City.

2. The Joint Stock Company of Paint and Plastic shall have legal personality under Vietnamese law from the date of registration for business; it shall operate independently economically; it shall have its own seal and open accounts at banks in accordance with the law; it shall 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, trading, import and export of paint, plastic, paper packaging, and plastic materials; various types of raw materials, machinery, and equipment related to the paint and plastic industry;

- Trading of raw materials for packaging; printing labels for packaging;

- Trading of housing, warehouse services, renting offices;

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

4. Registered capital and structure of issued shares:

a) Registered capital: 44,000,000,000 VND (Forty-four billion VND);

b) The first issuance of shares is 44,000,000,000 VND, corresponding to 4,400,000 shares, each share having a par value of 10,000 VND, including:

- State-owned shares: 2,156,000 shares, accounting for 49.00% of the registered capital;

- Shares sold preferentially to employees of the enterprise: 295,800 shares, accounting for 6.72% of the registered capital;

- Shares sold through public auction: 1,948,200 shares, accounting for 44.28% of the registered capital.

5. Starting price for public auction: 10,010 VND per share.

Auction organization: Ho Chi Minh City Securities Exchange.

6. Total number of preferential shares sold to 281 employees of the enterprise is 295,800 shares, listed in the Shareholding Reform Plan of the enterprise.

7. Employee restructuring plan:

- Total number of employees up to the time of shareholding reform: 484 people;

- Total number of employees transferred to the Joint Stock Company: 350 people;

- Total number of surplus employees: 83 people. Among them, according to Decree No. 41/2002/NĐ-CP: 59 people, according to the Labor Code: 24 people.

8. Training plan for employees to be transferred to the Joint Stock Company:

- Total number of employees requiring training: 20 people;

- Estimated training cost: 66,960,000 VND.

9. Cost of shareholding reform: 400,000,000 VND

The General Director of the Paint and Plastic Company decides and is responsible for the actual necessary costs of the company for shareholding reform and implements the settlement of preferential treatment for employees, redundancy allowances, and retraining costs in accordance with state regulations.

Article 2. The Vietnam Chemicals Corporation is responsible for directing the Paint and Plastic Company to carry out the sale of shares, settle preferential treatment for employees, shareholding reform costs, redundancy allowances, and retraining costs; organize the first shareholders' meeting of the Joint Stock Company and implement necessary tasks to transform the company into a Joint Stock Company in accordance with the law.

The General Director of the Paint and Plastic Company is responsible for managing the company until the transfer of all assets, capital, labor, and land to the Joint Stock Company and is responsible 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 Vietnam Chemicals Corporation, the General Director of the Paint and Plastic Company, and the Board of Directors of the Joint Stock Company of Paint and Plastic are responsible for implementing this Decision.