Decision No. 116/QD-TTg dated January 27, 2003 of the Prime Minister on sale of equities to foreign investors by Saigon Shipping Joint Stock Company

DECISION

ON SALE OF EQUITIES TO FOREIGN INVESTORS BY SAIGON SHIPPING JOINT-STOCK COMPANY

THE PRIME MINISTER

Pursuant to the Law on Organization of the Government of December 25, 2001;

Pursuant to the Prime Minister’s Decision No. 145/1999/QD-TTg of June 28, 1999 promulgating the Regulation on sale of equities to foreign investors;

Pursuant to the Prime Minister’s Decision No. 512/QD-TTg of April 26, 2001 on the experimental application of the model of corporation contributing capital to member enterprises to Vietnam National Shipping Lines;

At the proposals of the Management Board of Vietnam National Shipping Lines and the Ministry of Communications and Transport,

DECIDES:

Article 1.- To approve the plan on sale of equities to foreign investors by Saigon Shipping Joint-Stock Company.

1. Charter capital of the joint-stock company is VND 9,000,000,000, in which:

- Number of equities to be sold to Wallem Shipping Limited (Thailand) are 2,250, which are valued at VND 225,000,000 (2.5% of charter capital).

- The State’s equities: VND 1,800,000,000 (20% of charter capital).

- Equities of officials and employees of the company: VND 5,400,000,000 (60% of charter capital).

- Equities of shareholders outside the company: VND 1,575,000,000 (17.5% of charter capital).

2. Saigon Shipping Joint-Stock Company shall be a member enterprise of Vietnam National Shipping Lines.

3. Vietnam National Shipping Lines shall act as representative of the owner of the State capital amount of VND 1,800,000,000 (20% of charter capital) at Saigon Shipping Joint-Stock Company and have to manage and use the above-mentioned capital amount efficiently.

Article 2.- Saigon Shipping Joint-Stock Company shall have its headquarters and business lines prescribed in Decision No. 538/2002/QD-BGTVT of March 1, 2002 of the Minister of Communications and Transport.

Article 3.- This Decision takes effect after its signing. The Management Board of Vietnam National Shipping Lines, the Management Board of Saigon Shipping Joint-Stock Company and the concerned agencies shall have to implement this Decision.