Decision on abolishment of Ahangarancement’s privatization annulled
15/12/2014 12:12
Decision on abolishment of Ahangarancement’s privatization annulled
15/12/2014 12:12
Tashkent, Uzbekistan (UzDaily.com) -- Board of Appeals of the Tashkent Regional Economic Court overturned a decision of lower court on abolishing privatization of Ahangarancement, which is controlled by Eurocement, a source in court told RIA Novosti.
“The decision of the board was taken on the basis of a settlement agreement, which was signed by parties to the litigation,” said the representative of the court. The terms of the settlement agreement were not disclosed.
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.
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.
Ahangarancement JSC was privatized in accordance with the presidential decree in August 1994.
Ahangarancement JSC is the second largest cement producers in Uzbekistan - 1,8 million tonnes of cement per year.
In July 2014, Eurocement Group signed contract with China CAMC Engineering Co. Ltd. (part of the Sinomach holding) on construction of a new cement plant on the basis of Ahangarancement worth US$128 million.
04/05/2024Read more
04/05/2024Read more
04/05/2024Read more
$ 1 | 12697.00 | 0.000% |
1 | 13547.70 | 0.000% |
₽ 1 | 135.05 | 0.000% |