Buying government bonds in domestic market will be allowed for foreigners; JSC “Quartz” will be gradually put up for SPO. The first sale of shares will be held in June; Large chemical complex for mineral fertilizers production to be built in Syrdarya; Uzbekistan launched a joint venture for production of polyethylene wallpaper; Agreement was reached on cooperation in attracting Korean pharmaceutical companies to establish production and research centers in Uzbekistan;
Buying government bonds in domestic market will be allowed for foreigners
“Uzbekistan will open the domestic market for government securities for non-residents” said Deputy Chairman of the Board of the Central Bank Ilhom Norkulov on February 19 in Tashkent at the Fitch Ratings conference. For now, only state banks and resident legal entities can buy government securities.
Given that the current domestic market in the country is small, and other countries freely allow foreigners to buy government bonds in their domestic market, Uzbekistan decided to follow world practice.
This is expected to revive the domestic capital market. It is planned that foreigners will be allowed to the market till the end of this year. Now it is only a matter of time, Norkulov noted. Also it is planned to allow to buy bonds for individuals too in the future.
JSC “Quartz” will be gradually put up for SPO. The first sale of shares will be held in June
20% of the state share in the authorized capital of JSC “Quartz” will be sold through a secondary public offering- SPO. This is provided by Presidential decree.
Shares will be sold in stages. The first sale will take place in June of this year, when a 5% stake will be put up for auction. This will be the second SPO in the country after they sold the shares of the Kokand Mechanical Plant.
The volume of securities redeemed by subscription amounted to more than 2.4 million units. In total, Quartz has put up for sale more than 4.5 million shares. 3305 people became new shareholders of the company.
Large chemical complex for mineral fertilizers production to be built in Syrdarya
President Shavkat Mirziyoyev visited the construction site of a Plant for ammonia and urea production in Yangiyer city.
In connection with this, Uzkimyosanoat plans to build, together with Samsung Engineering, a Plant for ammonia and urea production. The plant with a total value of 600 million USD will produce 400 thousand tons of ammonia and 600 thousand tons of urea per year. Modern technologies from the United States and Japan will be installed, the latest know-how to be applied. It is planned to create 500 work places.
A convenient place is chosen for construction of the plant. There are necessary communications with access to gas, electricity and water supply, roads and railways.
– Nowhere else you will find such a favorable infrastructure as in Syrdarya. These opportunities will help construction and stable operation of the plant, increase attractiveness for investors. This is a very profitable, promising project, –Shavkat Mirziyoyev said.
Uzbekistan launched a joint venture for production of polyethylene wallpaper
New joint venture Winchemical the production of polyethylene wallpaper was commissioned at Farg’onaazot.
According to the press service of Uzkimyosanoat, the capacity of the plant is 7.8 million units of products per year.
The joint venture was established by Winhousing International Co., Ltd (South Korea, the share – 51%) and Farg’onaazot (49%).
The authorized capital of the joint venture is US$150,000. The project with a total cost of US$3.1 million was implemented in accordance with the President Decree of the Republic of Uzbekistan dated October 25, 2018 “On Measures for the Accelerated Development of the Chemical Industry of the Republic of Uzbekistan”.
Agreement was reached on cooperation in attracting Korean pharmaceutical companies to establish production and research centers in Uzbekistan
Last week, a delegation of Uzbekistan led by the director of the Agency for Development of the Pharmaceutical Industry under the Ministry of Health A. Abdullayev visited the Republic of Korea to further develop bilateral cooperation in the field of pharmaceuticals.
An agreement was reached with BioCure and Dream World Medicine on implementation of a joint project for the production of biopharmaceutical products and essential medicines in Namangan region.
During the visit, links were also established with large South Korean pharmaceutical companies Kyung Dong Pharm Co. Ltd and DongKoo Bio & Pharma Co., Ltd by signing relevant agreements on cooperation in the development of the pharmaceutical industry in Uzbekistan, according to the provisions of which provide for the expansion and strengthening of economic ties, as well as attracting investment.