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Changes made in authorized capital of Uzbek Leasing International AO JV

Uzbekistan Materials 22 January 2013 20:20
The Cabinet of Ministers of Uzbekistan approved the agreement on the assignment of shares of the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) in favor of the "Uzbekistan-Oman Investment Company" in the authorized capital of the joint leasing company "UzbekLeasing International SA."

Uzbekistan, Tashkent, Jan. 21 / Trend D.Azizov /

The Cabinet of Ministers of Uzbekistan approved the agreement on the assignment of shares of the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) in favor of the "Uzbekistan-Oman Investment Company" in the authorized capital of the joint leasing company "UzbekLeasing International SA."

"UzbekLeasing International AO" JV, one of the largest leasing companies in Uzbekistan, was established by Government decree in 1995, by the National Bank for Foreign Economic Activity of Uzbekistan (NBU), the Malayan Banking Berhad (Maybank, Malaysia), both with 35 percent share in the authorized capital, and the EBRD and the IFC (with 15 percent).

The authorized capital of the joint venture, formed in the form of JSC, totaled $4 million upon founding. In 2001, under decision of the shareholders it was increased up to $6 million.

In November last year, the joint venture shareholders decided to reorganize the company's ownership from JSC to LLC, introduce the new shareholder, a limited liability company "Uzbek-Oman Investment Company, to the shareholding structure and increase the authorized capital up to $9 million on account of retained earnings of previous years in the amount of $3 million.

Currently, the shares in the authorized capital of the leasing company (LC) are distributed as follows: NBU and Maybank own 35 percent each ($3.15 million each), LLC "Uzbekistan-Oman Investment Company" - 30 percent ($2.7 million).

For the period of activity, UzbekLeasing International implemented nearly 600 leasing projects in all regions of the country for a total of around $ 100 million.

"Uzbekistan-Oman Investment Company" Ltd. was established by order of the President of Uzbekistan in September 2009, by the Fund for Reconstruction and Development of Uzbekistan (FRDU) and the State General Reserve Fund of the Sultanate of Oman.

In accordance with the decree of the Uzbek president, the charter capital of the Uzbek-Oman Investment Company was established in the amount of $5 million and the capital - in the amount of $ 100 million with a subsequent increase to $ 500 million upon the approval of investment projects.
Alongside, the share of the State General Reserve Fund of the Sultanate of Oman in the formation of the company's assets was 75 percent, of the FRDU - 25 percent.

Until 2019, the Uzbekistan-Oman Investment Company is exempt from income taxes, including income from dividends and interest, income taxes for the improvement and development of social infrastructure, property tax, and VAT on the sale of its property and assets.

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