Uzbek mining & metallurgical plant eyes placing shares in int’l stock exchanges

Oil&Gas Materials 20 November 2020 14:25 (UTC +04:00)
Uzbek mining & metallurgical plant eyes placing shares in int’l stock exchanges

BAKU, Azerbaijan, Nov. 20

By Klavdiya Romakayeva - Trend:

Almalyk Mining and Metallurgical Complex (AMMC) plans to place its shares in international stock exchanges in 2023, Trend reports with reference to the press service of the complex.

An independent external audit was carried out at AMMC with the involvement of the international auditing company Ernst & Young in order to carry out the preparatory and main activities for the initial public offering and secondary public offering for the placement of the plant's shares in international stock exchanges in 2023.

The complex prepared preliminary financial statements in accordance with International Financial Reporting Standards (IFRS) as of January 1, 2020.

In addition, an appraisal of the plant's fixed assets was also carried out to determine the fair value of AMMC's long-term assets and the actual value of long-term social obligations.

The plant, with the help of this auditor's report, aims to obtain an international credit rating and attract international financial institutions for effective financing of investment projects at the Yoshlik 1 deposit.

The Yoshlik 1 deposit is located on the northern slope of the Kuraminsky ridge. It is located just one kilometer from the city of Almalyk and is adjacent to the existing Kalmakir mine.

Some 39 industries with state participation will introduce corporate governance and financial audit, and increase operational efficiency as part of the presidential decree of October 27 this year "on measures to accelerate the reform of enterprises with state participation and privatization of state assets". Financial rehabilitation of key Uzbek industries such as Almalyk MMC JSC is organized by foreign consulting companies.


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