04 April 2019

The state sells its shares in large chemical enterprises

A resolution of the President   “On measures to further reform and increase the investment attractiveness of the chemical industry.”

Resolution approved  “The chemical industry development program for 2019–2030″.

The program provides for the implementation 31 investment projects estimated value of 12.1 billion US dollars, including 1.7 billion US dollars through foreign direct investment and loans.

In particular, the program also provides for:

  •  modernization, expansion of existing and creation of new energy efficient production facilities   nitrogen, phosphate, potash and complex mineral fertilizers;
  •  creation of new production facilities polymer products, including polyethylene terephthalate (PET), polyvinyl chloride (PVC), synthetic rubber, polystyrene, polyurethane, polyol , acrylonitrile-butadiene-styrene (ABS) plastic, polyacrylonitrile (PAN);
  •  the creation of production clusters for the production of demand in industries   New types of chemical products.

The implementation of the shares of the state and JSC ” Uzkimyosanoat ” in the authorized capital of business companies will be implemented as follows:

  •  through direct negotiations with potential investors with the condition that they make investment and social obligations:
  •  60.35 percent state shares and  39.65 percent stock  JSC “Uzkimyosanoat” in authorized capital “ Samarkandkimiyo ” JSC at “zero” redemption value;
  • 51 percent share of JSC ” Uzkimyosanoat “ in statutory fund  LLC “Kungrad Soda plant” at market value;
  • 70.54 per cent of state-owned shares and percent stock JSC “Uzkimyosanoat” in authorized capital  JSC “Kukon Superphosphate Creek” – Indorama (Singapore) at a redemption value of 4.3 million US dollars;
  •  in competitive bidding at market value – 48.05 percent state shares and 2.95 percent of shares of Uzkimyosanoat JSC in authorized capital JSC “Ferganaazot”;
  •  in public tenders at market value – 26.14 percent of shares of JSC “Uzkimyosanoat” in authorized capital  JV JSC Electrokhimzavod ;
  •  based on the initial public offering (IPO) at the initial stage – up to 25 percent of shares from authorized capital of joint-stock company “Zhizzah plastic”;
  •  by converting   LLC “Dehkanabad potash plant” in joint stock company and sales 51 percent and more shares of fixed capital of the company;
  •  by converting LLC Birincirezinotekhnika Zavodi  into a joint stock company and the sale of additionally issued shares of up to 51 percent   from the authorized capital of the company at market value.