Uzbekistan selling state shares of largest chemical enterprises

Baku, Azerbaijan, April 4

By Fakhri Vakilov – Trend:

Uzbekistan has put up for sale state-owned shares and shares of Uzkimyosanoat JSC of the largest chemical enterprises, Trend reports with reference to the presidential decree.

The sale of enterprises will take place in five main areas.

First of all, this is a sale through direct negotiations with potential investors with the condition that they make investment and social obligations:

- 60.35 percent of state-owned shares and 39.65 percent of Uzkimyosanoat shares in the authorized capital of Samarkandkimyo at a “zero” redemption value, subject to the organization of a modern and environmentally friendly manufacture of chemical products;

- 51 percent of Uzkimyosanoat’s share in the authorized capital of Kungrad Soda Plant at market value with the condition of attracting investments to expand the production capacity of the enterprise from 200,000 to 450,000 tons per year and release new types of products;

- 70.54 percent of state shares and 25 percent of shares of Uzkimyosanoat in the authorized capital of Kukon Superphosphate Creek - Indorama Company (Singapore) at a redemption value of $4.3 million with investment and social commitments to increase production capacity of superphosphate to 63,000 tons in terms of 100 percent of the useful substance and the release of new types of products.

Secondly, the sale at competitive bidding at market value of 48.05 percent of state shares and 2.95 percent of shares of Uzkimyosanoat in the authorized capital of Ferganaazot, with the condition for the investor to make investment commitments to increase ammonia production capacity to 660,000 tons, urea - to 600,000 tons, ammonium nitrate - to 700,000 tons and nitric acid - up to 530,000 tons per year, as well as social obligations.

Third, the sale at public auction at market value of 26.14 percent of shares "Uzkimyosanoat" in the authorized capital of the joint venture "Electrochemzavod".

Fourth, sale based on initial public offering (IPO) at the primary stage of up to 25 percent of the shares of the authorized capital "Jizzakh plastics".

Fifth, the sale by conversion of:

- Dekhkanabad potash plant into a joint-stock company and sales of 51 percent or more of Uzkimyosanoat shares in the company's authorized capital at market value at competitive bidding, providing for the possibility of their sale through direct negotiations if there are potential investors with the condition that they make investment commitments to organize granulated production potassium chloride, potassium sulfate and other types of potassium salts, the completion of the construction of a cargo cableway and an external line electricity supply, as well as social responsibilities;

- "Birinchi Rubber Technology Plant" into a joint stock company and the implementation of additional issued shares in the amount of up to 51 percent of the authorized capital at market value at public auction, providing for the possibility of their implementation through direct negotiations if there are potential investors with the direction of proceeds to the implementation of investment projects of the company as well as repayment of loans.

Follow author on Twitter:@vakilovfaxri

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