Bank management of Asia Alliance Bank was passed to civil servants; Share in “Uzbekugol” was passed under the control of a Russian company; “Frontera Capital” buys PSB securities; Uzavtosanoat began large-scale privatization of its car dealerships; Indian company Kusum Healthcare PVT LTD plans to start production in Uzbekistan; “$ 2,7 billion investment will be attracted to develop industry, construction and services sector in Tashkent” – Shavkat Mirziyoyev; Subscription to shares as part of the country’s first SPO exceeded 100%; The President signed a decree on improving the coordination and management of the work of the Free Economic Zones.
Bank management of Asia Alliance Bank was passed to civil servants
The powers of the current staff, which consisted of representatives of various private companies, were terminated. Now the Council consists entirely of civil servants – representatives of the Cabinet of Ministers, the State Committee on Competition, the Ministry of Economy, and others.
In addition, the composition of the Audit Commission of the bank was completely changed, where instead of representatives of private companies there are now representatives of the State Committee on Competition and the Center for Public Assets Management. Ikram Abdukakhorov, who has been the chairman of the bank since opening, has retained his post.
Despite the fact that both the Council and the Audit Commission of the bank now consist solely of civil servants, Asia Alliance Bank is not listed on the Central Bank’s website as a state bank, and the government has not received official reports about the purchase of the bank.
Share in “Uzbekugol” was passed under the control of a Russian company
The national railway company Uzbekistan Temir Yollari transferred in trust management 45% of the shares of Uzbekugol to the Russian company ProgressGortTech. Reported by the Ministry of Justice of Uzbekistan.
For the management of the coal enterprise, Progress Gor Tech organizes a subsidiary company in the republic. At the time of trust management, Uzbekugol will retain the form of a joint stock company.
In July 2017, Uzbekugol became part of the Uzbek Railways by presidential decree. The decision of the head of state was caused by the inefficient operation of equipment, weak production discipline and the lag in modernization of facilities and investment projects.
“Frontera Capital” buys PSB securities
On December 15-18, the delegation of “Sanoat Qurilish Bank” (PSB) visited the United Arab Emirates, during which a signing ceremony of the Agreement on the development of cooperation with the investment company “Frontera Capital” took place.
The document envisages attracting $50 million using investment and credit instruments, as well as the sale of PSB securities to “Frontera Capital”.
Completion of this operation will expand the bank’s ability to attract resources and finance investment projects on a long-term basis. The parties also agreed to establish promising cooperation in the debt market of Uzbekistan.
Uzavtosanoat began large-scale privatization of its car dealerships
“Uzavtosanoat” put up for auction its shares in the authorized capital of 32 dealer enterprises (car dealerships). This is done to increase the number of private dealers. Each car dealership, according to Uzavtosanoat, is a ready-made highly profitable business and includes a streamlined sales system for new cars, spare parts, and a system for providing auto service.
Private investors (legal entities and individuals), wishing to invest in the development of a transparent system of car sales and their after-sales service, are invited to bid. The organizer of the auction is «Respublika mulk markazi».
Bidding will take place on January 21, 2019. To participate in the auction, 15% of the starting value of the share in the authorized capital of the dealer company has to be taken.
Indian company Kusum Healthcare PVT LTD plans to start production in Uzbekistan
In the framework of the visit from December 18 to December 22 of the Indian company Kusum Healthcare Pvt. Ltd in Uzbekistan, a meeting of the leaders of the pharmaceutical company with the Deputy Chairman of the State Investment Committee of the Republic of Uzbekistan Shamil Burnashev was held.
During the meeting with the deputy chairman of the Сommittee Shamil Burnashev, the foreign side expressed interest in creating a joint or 100% foreign enterprise for the production of painkillers, antibiotics, antifungal and antirheumatic drugs.
It is noted that the investment project is planned to be implemented in 2020. The preliminary cost of the project is $5 million. In early 2019, marketing research will be completed to implement the next step to the business plan of the investment project.
“$ 2,7 billion investment will be attracted to develop industry, construction and services sector in Tashkent” – Shavkat Mirziyoyev
The President got acquainted with the production facilities of the joint venture “Steel property construction”, which is located in the territory of the former aviation plant in Yashnabad district, Tashkent, the press service of the President reported.
The joint venture is specialized in the production of marketable products. For example, the company “Dacros” specializes in the manufacture of metal doors using European technology. They are installed in standard homes and apartment buildings. Another company “Midas Agrotech” manufactures products for greenhouse complexes, including shading nets, plastic boxes, plastic bags, and more. Enterprise “Bektemir metal constructions” produces road fences, lighting poles, building materials and electric welded pipes.
The President gave instructions to increase the number of such enterprises and the training of relevant specialists. He also noted that in 2019 $ 2.7 billion of investment will be attracted to the capital, these funds will be directed to industry, construction, services and other areas.
Subscription to shares as part of the country’s first SPO exceeded 100%
On Monday, December 24, subscription for the shares of JSC “Qo’qon mexanika zavodi” by public offer (SPO) ends on the stock exchange “Toshkent”. This is the first SPO in the history of Uzbekistan.
At the time of publication, 2193 applications for 2.255.741 shares have been submitted. The highest price per share was 2.000 soums, the lowest price was 1.000 soums. Thus, the day before the end of the subscription, applications for 100.8% of the shares in the amount of 2,3 billion soums has been submitted.
Now the question of price on the principle of auction comes into force.
The President signed a decree on improving the coordination and management of the work of the Free Economic Zones
The Navoi FEZ will be transferred to a joint stock company (now it is a PMU). The Directorate of the FEZ will receive the right to provide marketing, consulting, logistics, utility, hotel and other services.
Many investors had complained that there were no problems with infrastructure in the FEZ. Nуw “Road maps” will be approved for the construction and repair of roads, water supply and sewerage. All this should be done in 2019.
The State Committee for Investments in cooperation with the Ministry of Economy is entrusted to develop and submit a draft concept of free economic zones development by April 1, 2019.