Uzbekistan, Tashkent, July 13 / Trend D.Azizov /
Only 41.94 percent of Uzbek joint stock companies comply with legislative requirements as of early July, the Uzbek Central Depository reported.
Uzbek President Islam Karimov issued a decree on measures to improve financial sustainability of enterprises in the real sector Nov. 18 2010. The document set the minimal charter capital for newly created joint stock companies at $400,000 as of Jan. 1, 2009.
The decree added that existing joint stock companies should raise their charter capitals to $400,000 by Jan. 1, 2010 or reorganize their enterprise to a private form of ownership.
Only 619 of 1,476 registered joint stock companies currently meet the decree's requirements. Their total volume of authorized capital is 6.059 billion soum.
According to the depository, some 77 companies with a total equity capital of 30.5 billion soum have the chance to increase their charter capital as envisaged in the document.
The depository added that roughly 780 joint stock companies with a total charter capital of 54.4 billion soum likely will not be able to meet the requirements.
The depository said the number of registered joint stock companies decreased by 143 compared to early 2010 (1,619 joint stock companies, 4.824 billion shares with a volume of 5.805 trillion soum), while the number of registered shares rose by 1.145 billion with a volume of 339 billion soum.