Decision No. 45/QD-TTg approves the conversion of the Production and Export-Import Timber and Small Handicraft Goods Company into a joint-stock company with a charter capital of 16 billion VND, of which the state holds 30% and employees are given preferential rights to purchase 70%. This decision specifies in detail the name, headquarters, business activities, and responsibilities of the related parties.
Scope of application
Joint Stock Company for Production and Export-Import Timber and Small Handicraft Goods; Ministry of Trade; Board of Directors of the Company
Key points
- The charter capital of the joint-stock company is 16,000,000,000 VND (Article 1)
- State shareholding ratio: 30% of the charter capital; employee shareholding ratio within the enterprise: 70% of the charter capital (Article 1)
- The full Vietnamese name is Joint Stock Company for Production and Export-Import Timber and Small Handicraft Goods (Article 2)
- The joint-stock company operates according to the Articles of Association of the joint-stock company and the Enterprise Law (Article 4)
- This Decision takes effect from the date of signature (Article 5)
🌐 Social impact of this document
- Creating conditions for employees within the enterprise to purchase preferential shares, allowing them to participate in the process of shareholding.
- The company can attract additional investment from outside through the sale of shares.
- Poor employees are specially supported when purchasing shares on installment.
- This conversion creates a new company operating under the Enterprise Law, enhancing transparency and management efficiency.
❓ Frequently asked questions
What is the charter capital of the Joint Stock Company for Production and Export-Import Timber and Small Handicraft Goods?
The charter capital is 16,000,000,000 VND.
What is the state shareholding ratio in the Joint Stock Company for Production and Export-Import Timber and Small Handicraft Goods?
The state shareholding ratio is 30% of the charter capital.
What is the full Vietnamese name of the Joint Stock Company for Production and Export-Import Timber and Small Handicraft Goods?
The full Vietnamese name is Joint Stock Company for Production and Export-Import Timber and Small Handicraft Goods.
How are employees within the enterprise given preferential rights to purchase shares?
Employees are given preferential rights to purchase 70% of the charter capital, with poor employees able to pay in installments.
When does this Decision take effect?
This Decision takes effect from the date of signature (October 1, 2002).
Full text
Pursuant to …;
Regarding the conversion of the production-export-import timber and handicrafts company into a joint stock company
___________________________
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 transformation of state-owned enterprises into joint stock companies;
Pursuant to the proposal of the Minister of Trade in Document No. 3605/BTM-Tr dated September 12, 2001 and Document No. 5369/TM-TCCB dated December 31, 2001;
DECISION:
Article 1: Approves the plan for the conversion of state-owned enterprise Production-Export-Import Timber and Handicrafts Company under the Ministry of Trade as follows:
1. The charter capital of the joint stock company is 16,000,000,000 VND (sixteen billion VND).
Form of conversion: Selling part of the value of the state capital currently held in the enterprise, including:
- State share ratio: 30% of the charter capital.
- Share ratio sold to employees within the enterprise: 70% of the charter capital.
2. The actual value of the Production-Export-Import Timber and Handicrafts Company as of January 1, 1999 is 39,834,359,057 VND, of which the actual value of the state capital at the enterprise is 15,422,401,602 VND (fifteen billion four hundred twenty-two million four hundred one thousand six hundred two VND).
3. Preferential treatment for employees within the enterprise:
The total number of shares sold at a preferential price to employees within the enterprise is 48,761 shares; the total preferential value is 1,462,830,000 VND (one billion four hundred sixty-two million eight hundred thirty thousand VND).
Among them, the preferential shares sold on installment to poor employees within the enterprise are: 2,390 shares; the total installment value is 167,300,000 VND (one hundred sixty-seven million three hundred thousand VND).
4. Training costs, retraining costs, subsidies for voluntary resignation of workers, and costs of conversion shall be implemented according to current regulations.
Article 2. Convert the Production-Export-Import Timber and Handicrafts Company under the Ministry of Trade into a joint stock company:
- Full name in Vietnamese: JOINT STOCK COMPANY FOR PRODUCTION-EXPORT-IMPORT TIMBER AND HANDICRAFTS - International trade name: FORESTRY PRODUCTS & HANDICRAFTS PRODUCTION AND IMPORT-EXPORT JOINT STOCK COMPANY. - Abbreviation: UPEXIM - Main office: 4-6 Ho Tung Mau Street, District 1, Ho Chi Minh City.
Article 3. The Production-Export-Import Timber and Handicrafts Joint Stock Company operates in industries as prescribed by current laws.
Article 4. The Production-Export-Import Timber and Handicrafts Joint Stock Company;
- Is a legal entity under Vietnamese law from the date of registration for business, implements independent economic accounting, has its own seal, and is allowed to open an account at a bank according to the provisions of the law, operates according to the Articles of Association of the joint stock company and the Enterprise Law. - The General Director and Chief Accountant of the Production-Export-Import Timber and Handicrafts Company are responsible for managing the business until the entire company is handed over to the Board of Directors and the General Director of the Production-Export-Import Timber and Handicrafts Joint Stock Company.
Article 5. This Decision takes effect from the date of signature. Decisions contrary to this Decision are abolished. The Minister of Trade, the General Director of the Production-Export-Import Timber and Handicrafts Joint Stock Company, and the Board of Directors of the Production-Export-Import Timber and Handicrafts Joint Stock Company are responsible for implementing this Decision.
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