Court postpones consideration of appeal of Eurocement Group

The session of the court was postponed by plaintiff. Eurocement officials requested additional time to sign settlement agreement with defendant – State Committee of Uzbekistan for privatization, demonopolization and development of competition, RIA Novosti reported.

Next session of appeal board of Tashkent regional economic court will be held on 25 September 2014.

On 21 July 2014, the Uzbek court declared invalid privatization of the cement plant. The State Committee of Uzbekistan for privatization, demonopolization and development of competition brought a suit on declaration of privatization of the plant as invalid.

Eurocement Group (Russia), a largest shareholder of the cement plant, dismisses claims of the Uzbek committee and plans to appeal the decision of the court. The Russian firm has 30 days to appeal, but if the company loses the case, its assets will be nationalized.

Eurocement Group acquired 75.5% stake in Ahangarancement in August 2006 in the secondary market. Currently, its share makes up almost 84%. Other shareholders are individuals.

Ahangarancement is the second largest cement producer in Uzbekistan. Its designed capacity is 1.986 million tonnes of cement a year. Its share in internal market is about 30%. The plant exports its products to Kazakhstan, Kyrgyzstan and Turkmenistan.