Decision No. 85/2000/QĐ-TTg On the conversion of the Vietnam Far East Paper Company to a Joint Stock Company

Pursuant to …;

Regarding the conversion of Vinh Dong Paper Company into 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 Board of Directors of Vietnam Paper Corporation,

DECISION:

Article 1. Approves the plan for the conversion of Vinh Dong Paper Company under Vietnam Paper Corporation according to the proposal in Document No. 754/CV-HĐQT dated June 16, 2000 of the Board of Directors of Vietnam Paper Corporation with the following contents:

1. Registered Capital: 11,600,000,000 VND, including:

- State-owned share ratio: 0% of registered capital.

- Share ratio sold to employees within and outside the enterprise: 100% of registered capital (priority given to selling to employees within the enterprise without limiting the number, then the remaining shares will be sold externally).

2. The actual value of Vinh Dong Paper Company at the reference date of January 1, 1999 is 22,099,376,325 VND; of which the actual value of state-owned capital in the enterprise is 11,591,806,667 VND.

3. Employee preferences:

- Total number of shares offered at preferential prices to employees: 18,400 shares; preferential value: 1,840,000,000 VND, of which shares for poor employees to pay gradually: 640 shares; gradual preferential value: 64,000,000 VND.

4. The enterprise shall use the proceeds from the sale of shares as follows after the conversion:

- Subsidy for redundant employees: 300,000,000 VND;

- Training and retraining for employees: 300,000,000 VND.

Article 2. Convert Vinh Dong Paper Company under Vietnam Paper Corporation into a Joint Stock Company:

- Full name in Vietnamese: Vinh Dong Paper Joint Stock Company.

- International trade name: viendong paper joint stock company.

- Abbreviated international trade name: vidon.

- Main office address: No. 129 Au Co Street, Ward 13, Tan Binh District, Ho Chi Minh City.

Article 3. Vinh Dong Paper Joint Stock Company may choose one of the two Decrees No. 44/1998/NĐ-CP dated June 29, 1998 of the Government on the conversion of state-owned enterprises into Joint Stock Companies and No. 51/1999/NĐ-CP dated July 8, 1999 of the Government detailing the Law on Encouraging Domestic Investment (amended) No. 03/1998/QH10 to register with the local tax authority.

Article 4. Vinh Dong Paper Joint Stock Company engages in the following business activities:

- Production and trading of toilet paper, sanitary napkins, handkerchiefs; other products made of paper; paper industry materials and equipment.

- Import and export: various types of paper, paper industry materials and equipment.

- Services: design, manufacture, installation, processing, repair of equipment, technical consultation, transfer of paper production technology.

- Other business activities in accordance with the provisions of the law.

Article 5. Vinh Dong Paper Joint Stock Company:

- Is a legal entity under Vietnamese law from the date of issuance of the business registration certificate, operates independently, has its own seal, opens bank accounts in accordance with the law, and operates in accordance with the Articles of Association of the Joint Stock Company and the Enterprise Law.

- The General Director and Chief Accountant of Vinh Dong Paper Company are responsible for managing the enterprise until the full handover to the Board of Directors and General Director of Vinh Dong Paper Joint Stock Company.

Article 6. This Decision takes effect from the date of signing. Previous decisions contrary to this Decision are abolished. The Board of Directors of Vietnam Paper Corporation, the General Director of Vinh Dong Paper Company, and the Board of Directors of Vinh Dong Paper Joint Stock Company are responsible for implementing this Decision./.