Decision No. 93/2004/QD-BCN On the conversion of Bai Dang Plastic Company into Bai Dang Plastic Joint Stock Company

Pursuant to …;

Regarding the transformation of Bach Dang Plastic Company intoBach Dang Plastic Joint Stock Company

THE MINISTER OF INDUSTRY

Pursuant to Decree No. 55/2003/NĐ-CP dated May 28, 2003 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Industry;

Pursuant to Decree No. 64/2002/NĐ-CP dated June 19, 2002 of the Government on the conversion of state-owned enterprises into joint-stock companies;

Considering the proposal of Bach Dang Plastic Company (Letter No. 455/BADAPLAST/CV-CPH dated August 24, 2004), the plan for the conversion of Bach Dang Plastic Company into a joint stock company, and the appraisal report of the Enterprise Reform and Development Board of the Ministry dated September 7, 2004;

At the proposal of the Enterprise Reform and Development Board and the Director of the Personnel and Organization Department,

DECISION:

Article 1. Approves the plan for the conversion of Bach Dang Plastic Company (a subsidiary under the Ministry of Industry) including the following main points:

1. Capital structure:

The charter capital of the joint stock company is 10,030,500,000 VND (Ten billion thirty million five hundred thousand VND). Of which:

- Shareholding ratio sold outside the company: 10.04%.

- The proportion of shares sold to employees within the company: 44.94%;

- The proportion of shares sold outside the enterprise: 4.06%.

The value of one share: 100,000 VND.

2. The actual value of Bach Dang Plastic Company at the time of January 1, 2004 for the purpose of conversion into a joint stock company (Decision No. 1942/QĐ-TCKT dated July 26, 2004 of the Ministry of Industry) is 32,682,895,282 VND. Among this, the actual value of the state capital in the company is 3,517,162,025 VND. Supplementing 6,513,399,000 VND in relocation support funds (Letter No. 3039/CV-UB dated July 6, 2004 of the People's Committee of Hai Phong City).

3. Preferential treatment for employees of the Company.

The total number of preferential shares sold to 205 employees within the company is 35,570 shares with a preferential value of 1,067,100,000 VND. Among this, selling preferential shares on credit to 21 poor employees is 4,080 shares, valued at 285,600,000 VND.

4. Regarding the costs of converting into a joint stock company, retraining employees, and resolving surplus labor, the company will process and report to the Ministry of Industry and relevant state authorities for approval according to current regulations.

Article 2. Transforming Bach Dang Plastic Company into Bach Dang Plastic Joint Stock Company,

- International trade name: BACH DANG PLASTIC JOINT STOCK COMPANY;

- Abbreviation: BADAPLAST;

- Head office: No. 9 Hoang Dieu Street, Hong Bang District, Hai Phong City.

Article 3. The joint stock company engages in the following business activities:

- Producing and trading plastic products (belt straps, PE and PP bags, rigid pipes and various accessories, profile products...);

- Engaging in other businesses in accordance with the provisions of the law.

Article 4. Bach Dang Plastic Joint Stock Company shall be a legal entity under Vietnamese law from the date of registration for business operations, independently accounting for economic activities, using its own seal, opening bank accounts in accordance with the law, operating in accordance with the Articles of Association of the joint stock company and the Law on Enterprises.

Article 5. Bach Dang Plastic Company shall organize the public auction of shares outside the company in accordance with current regulations and convene the first General Meeting of Shareholders of Bach Dang Plastic Joint Stock Company in accordance with the provisions of the law.

Bach Dang Plastic Joint Stock Company shall inherit all rights and obligations of Bach Dang Plastic Company in accordance with the law.

The Director and Chief Accountant of Bach Dang Plastic Company shall be responsible for managing the company's operations until the transfer of all capital, assets, employees, and land to the Board of Directors and General Manager of the joint stock company.

Article 6. The Standard Measurement Quality Control Department shall be responsible for organizing and guiding the implementation of the Regulations adopted herein.

The Head of the Ministry's Office, the Inspector General of the Ministry, the Heads of Departments and Bureaus under the Ministry, the Director of Bach Dang Plastic Company, and the Chairman of the Board of Directors and General Manager of Bach Dang Plastic Joint Stock Company are responsible for implementing this Decision./.