Decision No. 60/2001/QD-TTg On the conversion of the Medical Import-Export Company (YTECO) into the Medical Import-Export Joint Stock Company of Ho Chi Minh City

Pursuant to …;

REGARDING THE TRANSFORMATION OF THE IMPORT-EXPORT HEALTH COMPANY (YTECO)

INTO HO CHI MINH CITY MEDICAL IMPORT-EXPORT 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 conversion of state-owned enterprises into joint-stock companies;

AT THE REQUEST OF THE CHAIRMAN OF THE PEOPLE'S COMMITTEE OF HO CHI MINH CITY,

DECISION:

Article 1. APPROVES THE PRIVATIZATION PLAN FOR THE IMPORT-EXPORT HEALTH COMPANY (YTECO) UNDER THE DEPARTMENT OF HEALTH OF HO CHI MINH CITY AS REQUESTED IN THE LETTER NO. 743/UB-CNN DATED MARCH 7, 2001 FROM THE CHAIRMAN OF THE PEOPLE'S COMMITTEE OF HO CHI MINH CITY:

1. THE REGISTERED CAPITAL OF THE JOINT STOCK COMPANY IS 28,000,000,000 VIETNAM DONG, INCLUDING:

- STATE SHARE: 29% OF THE REGISTERED CAPITAL.

- SHARES SOLD TO OTHER SHAREHOLDERS: 71% OF THE REGISTERED CAPITAL (EMPLOYEES OF THE COMPANY OWN BETWEEN 20% AND 40%, THE REMAINING SHARES ARE SOLD TO OUTSIDE SHAREHOLDERS).

2. THE ACTUAL VALUE OF THE COMPANY ON DECEMBER 31, 1998 IS 309,021,113,360 VIETNAM DONG, OF WHICH THE ACTUAL VALUE OF THE STATE CAPITAL IN THE COMPANY IS 27,992,913,613 VIETNAM DONG.

PRIOR TO THE PRIVATIZATION PROCESS, THE ACTUAL VALUE OF THE COMPANY WILL BE REASSESSED ACCORDING TO CURRENT REGULATIONS.

3. EMPLOYEE SHARE INCENTIVE: 14,002 SHARES WORTH 420,060,000 VIETNAM DONG.

Article 2. TRANSFORM THE IMPORT-EXPORT HEALTH COMPANY (YTECO) UNDER THE DEPARTMENT OF HEALTH OF HO CHI MINH CITY INTO A JOINT STOCK COMPANY:

- FULL NAME IN VIETNAMESE:

HO CHI MINH CITY MEDICAL IMPORT-EXPORT JOINT STOCK COMPANY.

- INTERNATIONAL TRADE NAME: Medical Import Export Joint-Stock Company of Ho Chi Minh City.

- ABBREVIATION: YTECO.

- HEADQUARTERS: 181 NGUYEN DINH CHIEU STREET, DISTRICT 3, HO CHI MINH CITY.

Article 3. THE HO CHI MINH CITY MEDICAL IMPORT-EXPORT JOINT STOCK COMPANY SHALL OPERATE IN THE FOLLOWING SECTORS:

- PRODUCTION AND TRADING OF PHARMACEUTICALS, MEDICINAL HERBS, MEDICAL EQUIPMENT, AND MEDICAL SUPPLIES.

- PERMITTED TO OPERATE IN MULTIPLE SECTORS IN ACCORDANCE WITH LEGAL REGULATIONS.

Article 4. THE HO CHI MINH CITY MEDICAL IMPORT-EXPORT JOINT STOCK COMPANY IS A TYPE OF ENTERPRISE WHERE THE STATE HOLDS DOMINANT AND SPECIAL SHARES.

Article 5. THE HO CHI MINH CITY MEDICAL IMPORT-EXPORT JOINT STOCK COMPANY:

- IS A LEGAL ENTITY UNDER VIETNAMESE LAW FROM THE DATE OF BUSINESS REGISTRATION, IMPLEMENTING AN INDEPENDENT ECONOMIC ACCOUNTING SYSTEM, HAVING ITS OWN SEAL, AND ALLOWED TO OPEN BANK ACCOUNTS IN ACCORDANCE WITH LEGAL REGULATIONS, OPERATING ACCORDING TO THE COMPANY'S CHARTER AND THE ENTERPRISE LAW.

- THE DIRECTOR AND CHIEF ACCOUNTANT OF THE IMPORT-EXPORT HEALTH COMPANY (YTECO) ARE RESPONSIBLE FOR MANAGING THE COMPANY UNTIL THE HANDOVER TO THE BOARD OF MANAGEMENT AND THE DIRECTOR OF THE HO CHI MINH CITY MEDICAL IMPORT-EXPORT JOINT STOCK COMPANY.

Article 6. THIS DECISION TAKES EFFECT FROM THE DATE OF SIGNATURE. ALL PREVIOUS DECISIONS CONTRARY TO THIS DECISION ARE ABROGATED. THE CHAIRMAN OF THE PEOPLE'S COMMITTEE OF HO CHI MINH CITY, THE DIRECTOR OF THE IMPORT-EXPORT HEALTH COMPANY (YTECO), AND THE BOARD OF MANAGEMENT OF THE HO CHI MINH CITY MEDICAL IMPORT-EXPORT JOINT STOCK COMPANY ARE RESPONSIBLE FOR ENFORCING THIS DECISION./.