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PAGE 2
CHEER CHEMICAL FIBER PLC
MEMORANDUM OF ASSOCIATION
Article One
Establishment
Members, whose signatures are found at the end of this document, have agreed to establish a Private Limited Company governed by the Commercial Code of Ethiopia, this Memorandum of Association and Articles of Association attached herewith.
Article Two
Name, Nationality and Address of Members
No.
Name
Nationality
Address
1.
Shengguo Li
Chinese, Passport No.Jiangsu Province, China
2.
Liang Zhang
Chinese, Passport No.Jiangsu Province, China
3
Jianping Yan
Chinese, Passport No.Fujian Province, China
Article Three
Name and Head Office of the Company
The name of the Company shall be Cheer Chemical Fiber Private Limited Company.
Without prejudice to the rights of Members to open branch offices within or outside Ethiopia, the Companys head offices shall be Oromia Region Eastern Industry Zone, Dukem City, Dukem Koticha Kebele, House No. New.
Article Four
Business Purpose of the Company
The Company is established for the purposes of:
Manufacture of man-made fibers.
Article Five
Capital
The capital of the Company is Birr 4,700,000 (four million and seven hundred thousand birr) and it has been fully paid in cash. The whole capital is divided by 4,700 shares having per value of Birr 1,000 each fully paid in cash. The numbers of shares owned by the members are as follows:
No.
Name of shareholder
No. of shares
Value of a single share
Total Contribution
1.
Shengguo Li
1598
1000
1,598,000
2.
Liang Zhang
1551
1000
1,551,000
3.
Jianping Yan
1551
1000
1,551,000
Total
4700
4,700,000.00
Article six
Members Liability
Members jointly and severally approve that the capital stated above has been fully paid in cash. Accordingly, the liability of members have been limited up to the amount of shares they are entitled.
Article Seven
Distribution of Profits and Losses
Unless members agree otherwise, the annual profit of the company shall be distributed among members proporti
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