Uzbekistan to sell 15% stake in companies to foreign investors
Tashkent, Uzbekistan, Feb. 17
By Demir Azizov- Trend:
Uzbek Cabinet of Ministers by its decree has approved a list of joint stock companies, at least 15 percent of state share in the stock capital of which will be sold to foreign investors, according to the document published in the national media outlets.
The document has been adopted pursuant to the decree of the Uzbek president "On additional measures to attract foreign investors in joint stock companies" (December 2015).
Starting from July 1, 2016, joint stock companies in Uzbekistan will be formed only with at least a 15-percent share of foreign investors, according to the decree of Uzbek president Islam Karimov approved in December 2015.
The document provides for an exception of this requirement for joint-stock companies operating in the sphere of production and primary processing of strategic raw materials, as well as the subjects of natural monopolies and providers of socially significant services at regulated prices, the lists of which are approved by the cabinet of ministers of the country.
The joint stock companies created prior to the announcement, which do not ensure the mentioned 15-percent share of foreign investors, are subjected to transformation into other organizational and legal forms.
The joint-stock companies, where the share of foreign investor varies from 15 percent to 33 percent, will receive differentiated benefits when paying taxes on profits, property, improvement and development of social infrastructure, as well as when making mandatory contributions to the Republican Road Fund, depending on the investments made by a foreign investor.