GM Powertrain Uzbekistan Forms Fund
Friday 9 September 2011
The Uzbek-U.S. joint venture General Motors Powertrain Uzbekistan has registered an issue prospectus worth 139.837 billion soums to form authorized capita.
“Under the issue prospectus, the company will place one million of ordinary shares with face value of 139,837 soums each. Securities will be placed on private placement on face value among JV shareholders,” the report says.
General Motors and Uzavtosanoat created the joint venture on production of small and economic engines in December 2008. General Motors owns 52% of GM Powertrain Uzbekistan, while the Uzbekpartner holds the remaining 48% of parts.
Last January, General Motors Powertrain Uzbekistan CJSC had announced that it will open a US $521.8 million automotive engine plant in Tashkent region in November. The plant will be building 1, 1.2, 1.4, and 1.5-liter engines and will make 225,000 to 270,000 of them per year. The motors will be shipped to the GM Uzbekistan, an automotive plant located in Asaka, Andizhan region.