GM Powertrain Uzbekistan shareholders to consider appointment of new director general

Tashkent, Uzbekistan, Dec.20

By Demir Azizov - Trend:

Shareholders of the Uzbek-American joint venture General Motors Powertrain Uzbekistan which produces automobile engines will hold an extraordinary general meeting of shareholders on January 14, 2014. The shareholders will consider the issue of an early termination of powers of company Director General Jurgen Spendel and the appointment of a new person to the post, the company said.

In addition according to the company, its shareholders will also consider revoking the decision of the approval of auditors Marikon Audit LLC for the company's audit activities in 2013 on national financial reporting standards and auditing organisation Deloitte & Touche Ltd. on USGAAP.

Jurgen Spendel has held the position of Director General of General Motors Powertrain Uzbekistan since May 6, 2011.

As previously reported, in late 2008 GM and AC Uzavtoprom created a joint venture company GM Powertrain Uzbekistan with a capital of $100 million for engine plant construction. GM's share in the authorised capital of joint venture is 52 per cent, whilst that of the Uzbek side is 48 per cent.

Construction of the plant began in 2009 and in November 2011 the automobile engine production plant worth $522 million was put into operation.

Production capacity of the plant is designed to produce 225-270,000 Ecotec fuel efficient engines of a 1.2L and 1.5L capacity which will be used in the production of passenger cars.

According to the company, in 2012 the company planned to produce 125,000 automobile engines, in 2013 - 142,000, in 2014 - 205,000 and in 2015 to reach full capacity.

The project is financed by the joint venture's own funds totalling $298 million, with a $14.9 million loan from the Fund for Reconstruction and Development of Uzbekistan, a $156.9 million loan from Uzbekistan's commercial banks and foreign investments and loans worth $52 million.

The main consumer of the product of GM Powertrain Uzbekistan is GM Uzbekistan JV (formerly UzDaewooAuto in Asaka, in the Andijan region).

Translated by M.L.

Edited by S.M.

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