BAKU, Azerbaijan, July 10
By Ilkin Seyfaddini - Trend:
Uzbekistan’s Uzbekinvest insurance company was transformed into a joint stock company with a charter capital of 282.2 billion soum ($27.6 million), Trend reports citing Uzbekinvest.
The transformation was carried out in the framework of implementation of the Decree of the President of Uzbekistan on measures to expand mechanisms of financing and insurance protection of export activities.
The Ministry of Investments and Foreign Trade of Uzbekistan (83.3 percent) and the National Bank for Foreign Economic Activity of Uzbekistan (16.6 percent) were determined to be the founders of Uzbekinvest JSC.
"One of the main advantages of transition to the joint-stock company is introduction of modern management methods and creation of sustainable corporate management system in accordance with the world standards," the message said.
Uzbekinvest is the first Uzbek company to get Ba3/BB- rating from Moody’s International Rating Agency with a 'stable' outlook.
Earlier, State Asset Management Agency of Uzbekistan sold the state share of Kafolat Insurance Company (25 percent) at an online auction to Genesis Innovation company.
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