Baku, Azerbaijan, Nov. 14
The Russian Progress Gor Tech company can receive in trust the shares of Uzbekugol JSC, UzDaily.uz reported.
The draft presidential decree on measures to improve the effectiveness of the Uzbekugol joint-stock company has been published on the portal for discussion of draft legal and regulatory documents.
The Uzbekistan Railways JSC will transfer 45 percent of shares in the authorized capital of Uzbekugol JSC to the Russian Progress Gor Tech company for the period of three years, the decree says. At the same time, the agreement on trust management can be extended in case of reaching the parameters of the business plan.
The Progress Gor Tech company will establish a subsidiary company in Uzbekistan, which will manage the stock of shares of Uzbekugol JSC.
During the period of the trust management, the Uzbekugol will retain its organizational and legal form as a joint stock company.