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Uzbekistan to Sell State Shares in Major Chemical Companies

Friday 5 April 2019

TASHKENT (UzTAG) — Uzbekistan intends to sell state-owned shares in major chemical companies.

According to the presidential decree, the sale of companies will be implemented in five areas.

1. By trading directly with potential investors — provided they enter into investment and social obligations — 60.35% of the State shares and 39.65% of the Uzkimyesanoat JSC shares in the authorized capital of Samarkandkeme JSC, at a “zero” redemption value, under the condition of a modern environmentally friendly organization for the production of chemical products; 51% stake of the JSC Uzkimyosanoat in the authorized capital of the company LLC Kungrad Soda Plant at market value, subject to the need to attract investments to increase production capacity from 200,000 to 450,000 tonnes per year and the proposal for new types of products; 70.54% of the State shares and 25% of the Uzkimyosanoat shares in the authorized capital of Kukon Superphosphate Zavodi JSC — Indorama Company (Singapore) at the repurchase value.

2. The amount of $4.3 mln with the adoption of investments and social commitments to increase superphosphate production capacity to 63,000 tonnes in terms of 100% of the useful substance and the proposal for new types of products.

3. Following a competitive tender at market value, 48.05% of the shares held by the State and 2.95% of the shares of Uzkimyesanoat in the authorised capital of Ferganaazot JSC will be sold on condition that the investor undertakes to invest to increase the production capacity of ammonia to 660,000 tonnes and urea to 600,000 tonnes, ammonium nitrate to 700,000 tonnes and nitric acid to 53,000 tonnes per year, as well as social obligations.

4. At a public auction at market value, 26.14% of Uzkimyosanoat’s shares in the authorized capital of Electrokhimzavod JSC will be sold, on the basis of the initial public offering (IPO) at the initial stage up to 25% of the authorized capital of Zhizzakh Plastics JSC.

5. By converting Dehkanabad Potash Plant LLC into a joint stock company and selling 51% or more of the shares of Uzkimyesanoat to the company’s authorized capital at market value at auctions, as well as Birinchirezinotekhnika Zavodi LLC and by further selling additional issued shares of the company’s capital at market value at public auction.

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