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Uzbekistan to create holding in agro-industrial engineering sphere

24 May 2014

President of Uzbekistan, Islam Karimov has signed a decree to create a holding company in the agro-industrial engineering sphere (UzAgroPromMashHolding).

Under the decree 'On measures to further improve the management and financial recovery of agricultural engineering enterprises', the company will pursue a unified scientific technical and investment policy in creating new and modernizing the current facilities for production of agricultural machinery.

The company will carry out the abovementioned activities by using modern energy and metal saving technologies, developing and coordinating the scientific technical and production cooperatives among the enterprises owned by the holding company and other enterprises of Uzbekistan.

The initial authorized capital of the holding company will be formed at the expense of state-owned packages of shares and shares transferred to the company at the value determined by an independent appraisal organization, according to the resolution.

The company was allowed to conduct additional issue of shares to purposefully spend the proceeds for the implementation of sectoral investment projects by the country's preserving the stake in the company in the amount of not less than 51 percent, according to the resolution.

Chairman of the holding will be appointed upon a decision of the general meeting of shareholders of the company in consultation with the Uzbek Cabinet of Ministers.