Rubber group’s restructuring plan ratified

January 09, 2013 | 09:55

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Under the plan for the period 2012 – 2015, the core business lines of Vietnam Rubber Industry Group are rubber growing, processing and trading, artificial wood processing and rubber industry.

rubber

The group is also permitted to operate rubber industrial parks on its land converted in accordance with the land use plan ratified by the government.

The approved plan maintains the parent company – Vietam Rubber Industry Group and other units like Rubber Research Institute, Rubber Professional Technical College, Rubber Journal and Rubber Medical Center.

The Group will hold 100 per cent charter capital of 22 single-member limited liability companies, 50 per cent charter capital of 18 joint-stock firms, and under 50 per cent in other 20 companies.

Meanwhile, the Rubber Finance Company will be merged into the parent company VRIG.

In terms of financial and investment restructuring, VRIG must divest its capital in 23 companies and withdraw part of its capital contribution in two firms.

Moreover, additional capital shall be invested to gain the dominant power in Ben Thanh Rubber JSC and to turn Nghe An Rubber JSC into a subsidiary of the Group.

In Decision No. 38/QD–TTg, VRIG is responsible for developing a development strategy for the period 2012 – 2015, orientations to 2020 and submit it to the Prime Minister for consideration and approval.

VGP

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