Uzbek finance ministry becomes sole shareholder of Uzbekistan Railways

Transport Materials 16 May 2021 11:51 (UTC +04:00)
Uzbek finance ministry becomes sole shareholder of Uzbekistan Railways

BAKU, Azerbaijan, May 16

By Klavdiya Romakayeva - Trend:

The Ministry of Finance of Uzbekistan became an affiliate and sole shareholder of Uzbekistan Railways JSC, Trend reports referring to the Unified portal of corporate information in Uzbekistan.

According to the message published on the Unified Corporate Information Portal, on May 12, 2021, the State Assets Management Agency (SAMA) was excluded from the list of affiliates of Uzbekistan Railways JSC.

It is reported that the regulation on the general meeting of the shareholder and the procedure for making a decision by the sole shareholder of Uzbekistan Railways JSC dated May 14, 2015, defines the competence and decision-making procedure for the owner of all ordinary shares of the JSC.

It is stipulated that in accordance with Article 58 of the Law "On Joint Stock Companies and Protection of Shareholders' Rights" and the Charter on issues referred to the competence of the General Meeting of Shareholders, the shareholder of the company shall individually accept and formalize in writing.

The competence of a shareholder includes making changes and additions to the charter or approval of the charter in a new edition, reorganization, liquidation, appointment of a liquidator, approval of interim and final liquidation balance sheets.

In addition, the sole shareholder makes decisions on increasing or decreasing the size of the authorized capital, approves the organizational structure, annual report and business plan, distributes profits and losses, etc.

Also, the shareholder makes decisions on issues within his competence, individually.

According to the charter of Uzbekistan Railways JSC, the size of the authorized capital amounts to 4.2 trillion soums ($396 million), divided into 9,699,230,516 ordinary shares. The par value of an ordinary share accounts for 430 soums ($0.041).

Earlier it was reported that the railway company with a 100 percent state share was included in the list of large state-owned enterprises and business associations subject to transformation within the framework of the presidential decree of October 20, 2020.

“Reforming such enterprises will serve to accelerate the introduction of modern management methods, consumer-oriented, open, transparent and market-based principles and to increase income by reducing costs,” the message said.


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