Decision No. 44/2001/QD-TTg of the Government approves the plan for the conversion of Binh Duong Sugar Corporation into a Joint Stock Company. This decision stipulates the shareholding ratio, preferential value for employees, and business conditions after the conversion.
Key points
- Binh Duong Sugar Corporation is converted into a Joint Stock Company with a charter capital of 81,000,000,000 VND, of which the State shareholding ratio is 15%, employee shareholding within the company is 60%, shareholding for employees growing and selling sugarcane to the company is 15%, and other subjects hold 10%.
- Employees within the company are granted preferential shares totaling 106,657, including 21,331 shares for poor employees to be paid gradually and 99,571 shares for employees growing and selling sugarcane.
- Binh Duong Joint Stock Sugar Corporation engages in businesses such as sugar production and trade, organic fertilizers, microorganisms, agricultural and forestry product consumption services, raw material supply, transportation, basic construction, machinery, and catering.
- Binh Duong Joint Stock Sugar Corporation operates according to the Articles of Association of a Joint Stock Company and the Enterprise Law, has its own seal, and is allowed to open bank accounts in accordance with the law.
- The General Director and Chief Accountant of Binh Duong Sugar Corporation are responsible for managing the business until the handover to the Board of Directors.
🌐 Social impact of this document
- Binh Duong Joint Stock Sugar Corporation will operate under market mechanisms, creating many new job opportunities and income sources for employees.
- Employees in the company can benefit from preferential shares, however, they also face risks when the company converts into a Joint Stock Company.
❓ Frequently asked questions
What is the charter capital of Binh Duong Sugar Corporation?
The charter capital of Binh Duong Sugar Corporation is 81,000,000,000 VND.
What are the ratios of state shares and employee shares within the company?
The state shareholding ratio is 15%, while the shareholding ratio sold to employees within the company is 60%.
How are employees who grow and sell sugarcane to the company being favored?
Employees who grow and sell sugarcane to the company are granted preferential shares totaling 99,571, valued at 2,987,130,000 VND.
What industries does Binh Duong Joint Stock Sugar Corporation engage in?
Binh Duong Joint Stock Sugar Corporation engages in businesses such as sugar production and trade, organic fertilizers, microorganisms, agricultural and forestry product consumption services, raw material supply, transportation, basic construction, machinery, and catering.
According to which articles does Binh Duong Joint Stock Sugar Corporation operate?
Binh Duong Joint Stock Sugar Corporation operates according to the Articles of Association of a Joint Stock Company and the Enterprise Law.
Full text
Pursuant to …;
Regarding the conversion of state-owned enterprisesBiên Hòa Sugar Company to a joint-stock company
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PRIME MINISTER
Pursuant to the Government Organization Law dated September 30, 1992;
Pursuant to Decree No. 44/1998/NĐ-CP dated June 29, 1998 of the Government on the conversion of state-owned enterprises into joint-stock companies;
Pursuant to the proposal of the Minister of Agriculture and Rural Development in Circular No. 461/BNN-TCCB dated February 21, 2001, and Circular No. 711/BNN-TCCB dated March 19, 2001,
DECISION:
Article 1. Approves the plan for the conversion of state-owned enterprise Biên Hòa Sugar Company under the Second Sugarcane and Sugar Corporation, Ministry of Agriculture and Rural Development, as follows:
1. The Charter Capital of the Joint-Stock Company: 81,000,000,000 VND.
Wherein:
- State shareholding ratio: 15% of the Charter Capital,
- Shareholding ratio sold to employees within the enterprise: 60% of the Charter Capital,
- Shareholding ratio sold to employees outside the enterprise who grow and sell sugarcane to the enterprise: 15% of the Charter Capital,
- Shareholding ratio sold to other entities outside the enterprise: 10% of the Charter Capital.
2. The actual value of Biên Hòa Sugar Company at the time of December 31, 1999, for the purpose of conversion to a joint-stock company is 19,818,042,364,700 VND, including the actual value of the state capital in the enterprise being 8,083,756,482,000 VND.
3. Employee benefits:
- Total number of shares sold at preferential prices to employees within the enterprise: 106,657 shares; the total preferential value is 3,199,710,000 VND.
Among which, shares sold to poor employees with deferred payment: 21,331 shares, with a deferred payment value of 1,493,198,000 VND.
- Total number of shares sold at preferential prices to employees growing and selling sugarcane to the enterprise: 99,571 shares; the total preferential value is 2,987,130,000 VND.
4. Proceeds from the sale of shares shall be used for training and retraining employees within the enterprise and benefits for the enterprise after the conversion to a joint-stock company, in accordance with current regulations.
Article 2. Convert the state-owned enterprise Biên Hòa Sugar Company under the Second Sugarcane and Sugar Corporation, Ministry of Agriculture and Rural Development, to a joint-stock company.
- Full name in Vietnamese: Biên Hòa Sugar Joint-Stock Company.
- International trade name: BIEN HOA SUGAR JOINT STOCK COMPANY.
- Abbreviation: BSC.
- Main office: Bien Hoa Industrial Zone I, Dong Nai Province.
Article 3. Biên Hòa Sugar Joint-Stock Company engages in the following business activities:
- Production and trading: various types of sugar and products alongside and after sugar production.
- Production and trading of organic complex fertilizers and microbial fertilizers serving the sugarcane and sugar raw material area.
- Services: consumption of goods, agricultural and forestry products; supply of raw materials and sugarcane seeds; transportation, basic construction; mechanical engineering; catering.
- Direct import and export of products serving the production and trading activities of the company.
Article 4. Biên Hòa Sugar Joint-Stock Company.
- Is a legal entity under Vietnamese law from the date of registration for business operations, conducting business according to the registered permit, implementing independent economic accounting, having its own seal, and opening accounts at banks in accordance with the law. Operates according to the Articles of Association of the Joint-Stock Company and the Law on Enterprises.
- The General Director and Chief Accountant of Biên Hòa Sugar Company are responsible for managing and operating the enterprise until the entire company is handed over to the Board of Directors and General Director of Biên Hòa Sugar Joint-Stock Company.
Article 5. This Decision takes effect from the date of signing. Decisions contrary to this Decision are abolished. The Minister of Agriculture and Rural Development, the Board of Directors of the Second Sugarcane and Sugar Corporation, the General Director of Biên Hòa Sugar Company, and the Board of Directors of Biên Hòa Sugar Joint-Stock Company are responsible for implementing this Decision. /./
VICE-PRESIDENT OF THE GOVERNMENT
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