Number of joint-stock companies increasing in Turkmenistan
Ashgabat, Turkmenistan, Aug. 13
By Huseyn Hasanov – Trend:
Turkmenistan attaches great importance to the creation of joint-stock companies as part of the comprehensive measures carried out in the country for transition to the market economy, the ‘Neutral Turkmenistan’ newspaper reported.
A total of 242 joint-stock companies were registered in the country as of Jan.1, 2016, or 17 companies more than in 2014, according to the statistical reports.
Only 34 of 2,209 privatized facilities were converted into joint-stock companies as a result of the measures for denationalization and privatization of state property between 1994 and 2014.
The ‘Neutral Turkmenistan’ newspaper reported that Turkmen Нemrasy joint-stock company for rendering satellite communication services can serve as a bright example.
State institutions are holders of the whole block of shares of this joint-stock company.
Hazarbalyk is one of the joint-stock companies created as a result of merger of private and public capital in Turkmenistan’s Union of Industrialists and Entrepreneurs.
The complex, created for breeding sturgeons, commercial fish and their industrial processing, was built by private entrepreneurs and operates in Turkmenistan’s Balkan province.
The modernized industrial complex Abadanhaly is an open joint-stock company which specializes in production of high-quality carpets and rugs.
The following laws in Turkmenistan serve as the legal basis for the activities for creating and operation of joint-stock companies: the law “On joint-stock companies”, “On Securities Market”, “On Investment Activities” and “On Foreign Investments”.
Turkmenistan uses three methods of creating joint-stock companies: 1) creation of a new joint-stock company; 2) reorganization of a legal entity; 3) taking measures for privatization of the state property.