Decision No. 854/QD-TTg approves the plan for the shareholding transformation of the parent company - Southern Waterway Corporation.

Pursuant to …;

Approving the plan for the equitization of the parent company - Southern Waterway Corporation

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PRIME MINISTER

Pursuant to the Law on Organization of the Government dated December 25, 2001;
Pursuant to the Law on State-Owned Enterprises dated November 26, 2003;
Pursuant to the Enterprise Law dated November 29, 2005;
Pursuant to the Decree No. 109/2007/NĐ-CP dated June 26, 2007 of the Government on converting state-owned enterprises with 100% state capital into joint-stock companies;
Considering the proposal of the Minister of Transport,

Pursuant to …;

Article 1. Approves the equitization plan of the parent company - Southern Waterway Corporation, with the following main contents:

1. Vietnamese name: Southern Waterway Joint-Stock Corporation.

English name: Southern Waterborne Transport Corporation.

Abbreviation: SOWATCO

2. Head office: No. 298 Huynh Tan Phat Street, Tan Thuan Tay Ward, District 7, Ho Chi Minh City.

3. The Southern Waterway Joint-Stock Corporation shall have legal personality under Vietnamese law from the date it is granted the Business Registration Certificate: it shall have its own seal; be entitled to open bank accounts in accordance with the law; organize and operate in accordance with the Charter of the Southern Waterway Joint-Stock Corporation and the Enterprise Law.

4. The Southern Waterway Joint-Stock Corporation shall continue to engage in the business sectors and activities that the Southern Waterway Corporation currently operates, and other lawful business activities.

5. The competent authority representing the state ownership interest at the Southern Waterway Joint-Stock Corporation is the Ministry of Transport.

6. Registered capital and shareholding structure:

a) Registered capital: VND 671,000,000,000 (six hundred seventy-one billion dong).

b) Initial public offering shares: 67,100,000 shares. Of which:

- State holding: 34,221,000 shares, accounting for 51% of the registered capital;

- Preferential sale to employees: 437,600 shares, accounting for 0.652% of the registered capital;

- Sale to enterprise trade unions: 200,000 shares, accounting for 0.298% of the registered capital;

- Sale to strategic investors: 20,000,000 shares, accounting for 29.806% of the registered capital;

- Public auction sale: 12,241,400 shares, accounting for 18.244% of the registered capital.

7. Auction location: Hanoi Securities Trading Center.

8. Maximum number of shares an individual investor may purchase is 50,000 shares, and a corporate investor may purchase is 200,000 shares. Minimum number of shares an individual or corporate investor may purchase is 100 shares.

9. The sale of shares to strategic investors shall comply with the provisions of the Decree No. 109/2007/NĐ-CP dated June 26, 2007 of the Government on converting state-owned enterprises with 100% state capital into joint-stock companies.

10. Labor restructuring plan: the number of workers transferred to work at the Southern Waterway Joint-Stock Corporation is 564 people, with no surplus labor.

Article 2. Implementation

1. The Minister of Transport is responsible for:

- Determining the proportion of shares held by the Southern Waterway Corporation in member companies based on actual circumstances;

- Setting the initial auction price and directing the Southern Waterway Corporation to continue implementing necessary tasks to convert the Southern Waterway Corporation into the Southern Waterway Joint-Stock Corporation in accordance with the law.

2. The Board of Directors of the Southern Waterway Corporation is responsible for managing the Southern Waterway Corporation until all assets, funds, labor, and land are handed over to the Southern Waterway Joint-Stock Corporation and shall bear responsibility for the business results of the Southern Waterway Corporation in accordance with the law.

Article 3. This Decision shall take effect from the date of signing.

The Ministers of Transport, Finance, Labor, Invalids and Social Affairs, Planning and Investment, Home Affairs, Heads of relevant agencies, the Steering Committee for Enterprise Reform and Development, and the Management Guidance Board of the Southern Waterway Corporation are responsible for implementing this Decision.