Decision No. 99/2004/QD-BCN On the transfer of Van Don Plastic Factory under Vietnam Plastic Joint Stock Company to Van Don Plastic Joint Stock Company

Pursuant to …;

Regarding the conversion of Van Don Plastic Factory under Vietnam Plastic Corporation into Van Don 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 Vietnam Plastic Corporation (document number 597/CV-NVN-VP dated August 25, 2004), the privatization plan for Van Don Plastic Factory, and the appraisal report of the Enterprise Reform and Development Board on this plan dated September 16, 2004;

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

DECISION:

Article 1. Approving the privatization plan for Van Don Plastic Factory under Vietnam Plastic Corporation (a subsidiary of the Ministry of Industry) as follows:

1. Capital structure:

The charter capital of the joint stock company is 4,370,000,000 VND (Four billion, three hundred seventy million VND).

- State shareholding ratio: 50.98%;

- Shareholding ratio sold to employees within the factory: 43.99%;

- Shareholding ratio sold outside the factory: 5.03%.

The value of one share: 100,000 VND.

2. The actual value of Van Don Plastic Factory at the valuation date of December 31, 2003 for privatization (Decision No. 1445/QĐ-TCKT dated June 17, 2004 of the Ministry of Industry) is 59,060,169,638 VND. Among this, the actual value of the state capital in the factory is 3,081,564,163 VND.

3. Employee benefits.

The total number of preferential shares sold to 246 employees within the factory is 14,090 shares with a preferential value of 422,700,000 VND.

4. Regarding the privatization costs, retraining of employees, and surplus labor resolution of the factory, Vietnam Plastic Corporation will handle the procedures, report to the Ministry of Industry and relevant state authorities for approval according to current regulations.

Article 2. Converting Van Don Plastic Factory under Vietnam Plastic Corporation into Van Don Plastic Joint Stock Company,

- International trade name: VAN DON PLASTIC JOINT STOCK COMPANY;

- Abbreviation: SIMIPLAST;

- Head office address: No. 320 Ben Van Don Street, Ward 2, District 4, Ho Chi Minh City.

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

- Producing and trading flexible plastic packaging materials, hollow plastic packaging materials, plastic packaging labels, and printing plastic packaging labels, household plastic products;

- Trading and importing/exporting raw materials, chemicals, production supplies, machinery, equipment, molds, spare parts for the plastic industry, and consumer goods;

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

Article 4. Van Don Plastic Joint Stock Company is a legal entity under Vietnamese law from the date of business registration, independently accounting for economic activities, using its own seal, opening bank accounts according to legal provisions, operating according to the Company's Charter and the Law on Enterprises.

Article 5. Vietnam Plastic Corporation shall organize the sale of shares and convene the first General Meeting of Shareholders of Van Don Plastic Joint Stock Company in accordance with current regulations.

The General Director and Chief Accountant of Vietnam Plastic Corporation are responsible for managing the operations of the factory until the full transfer of capital, assets, workforce, and facilities 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 Director of the Ministry's Office, the Director of the Ministry's Inspectorate, the Heads of Departments and Bureaus under the Ministry, the General Director of Vietnam Plastic Corporation, the Director of Van Don Plastic Factory, and the Chairman of the Board of Directors and General Manager of Van Don Plastic Joint Stock Company are responsible for implementing this Decision./.