The DECISION of the MINISTER of INDUSTRY of transforming enterprises of Dong into a joint stock company Asian Paints INDUSTRIAL MINISTER pursuant to Decree No. 74/CP DATED November 1, 1995 by the Government on the functions, duties, powers and organization of the Ministry of industry;
Pursuant to Decree No. 44/1998/ND-CP dated 29 June 1998 by the Government on transforming State enterprises into joint-stock companies;
Consider the option to transfer the paint companies (accounting unit dependent painting plastics company, Member of the Vietnam Chemical Corporation) into joint stock company Asian Paints and appraisal on October 23, 2000-06 of enterprise management innovation Committee Ministry of industry for the scheme;
Consider the proposal of the Chairman of the Board of Vietnam Chemical Corporation (No. 148/CV on 31 May 2000);
According to the recommendations of the Board of enterprise management innovation the Ministry of industry and Director of the Organization-officer, decision: article 1. Approval equitizing enterprises of Dong (accounting unit dependent painting plastics company, Member Of Vietnam Chemical Corporation), including the main points as follows.
1. capital structure capital joint-stock company are: 6 billion VND (six billion). In it,-the rate of shares sold to workers in enterprises: 60%;
-The proportion of shares sold to other subjects outside the enterprise: 40%.
A value of shares: 100,000.
2. the actual value of the enterprises of Dong (decision No 84/QD on 19 April 2000 of the President of the Board about the Vietnam Chemical Corporation valuation enterprises of Dong) at time 0 hours on 7 October 1999 to holdings is : 29,777,280,025. In it, the actual value of the State stake in the enterprises is: 4,342,602,820.
3. Incentives to workers in enterprises of the total number of shares sold incentives for 121 labour in enterprises is 15,190 with incentive value is 455,700,000. In it, the total number of shares sold to pay over price incentives for 19 poor workers in the enterprises is 2,930, 205,100,000 worth of copper.
4. Approves the proposal of the Vietnam Chemical Corporation, for permission to use part of the money the sale of shares in State capitals of enterprises of Dong to capitalization costs, training and retraining of labour, the paint company-plastics and industrial Dong do prescribed procedures , reported Vietnam Chemical Corporation review, addressed the State's regulations. Sales of shares in State capitals after subtracting costs capitalization, training and retraining are added to the Fund support organiser and equitizing State enterprises of Vietnam Chemical Corporation.
Article 2. Asian Paints factory moved into Asian Paints company since July 7, 2000,-the name by Vietnamese Male Corporation: Dong-English names: ADONG PAINT STOCK COMPANY, abbreviated as: ADP, based in: 1387-Ben Binh Dong, Ward 15, district 8, Ho Chi Minh City.
Article 3. Industry business company (at the time of transition to stock companies): 1. Production and export and import the products of paint and paint materials and equipment; design and provide other technical services on products and materials, paint equipment.
2. Sales of other professions as stipulated by law.
Article 4. Asian Paints JSC's legal personality under the law of Vietnam since being granted business registration regimes, economic accounting independently, used seals, opened an account at the Bank under the provisions of the law, operating under the Charter of the company and business law.
Article 5. Vietnam Chemical Corporation is responsible for directing the company's paint-plastics and enterprises of Asian Paints holds shareholders meeting (election of the Board, the Board, through the Charter company).
The Director, the Chief Accountant of the company Paint-plastics and industrial Dong is responsible for operating the enterprise's work until delivered to the Board and a Director of the company Asian Paints (for joint-stock companies Dong li-branded gasoline contracts Kansai Paint painting plastics company that signed with Kansai Paint (Singapore) Pte Ltd , was the Minister of science, technology and environment, approved in decision No 69/QD-BVHTT ngày19/01/2000 and is registered at the industrial property Bureau on 31/01/2000).
Article 6. This decision has effect from the date of signing. Repealed the previous decision contrary to this decision.
Chief of the Department, the Chief Inspector, the Director, Bureau Chief of the Ministry, the Chairman of the Board, General Director of the Vietnam Chemical Corporation, Director of paint-plastics, Paint factory Director East Asia and Chairman of the Board, Director of the Asian Paints Corporation is responsible for the implementation of this decision.