Russian company may receive shares of Uzbekugol in trust management

Tashkent, Uzbekistan (UzDaily.com) -- Russian company Progress Gore Tech can receive shares of Uzbekugol in trust management.

The draft resolution of the President “On measures to increase the effectiveness of Uzbekugol” has been published on the portal for discussing draft regulatory documents.

The document noted that Uzbekiston Temir Yollari will transfer 45% of shares in the authorized capital of Uzbekugol to the Russian company Progress Gor Tech for three years. At the same time, the agreement on trust management can be extended in case of reaching the parameters of the business plan.

Progress Gor Tech will create a subsidiary in Uzbekistan, which will manage the package of shares of Uzbekugol.

During the period of trust management, Uzbekugol will retain its organizational and legal form as a joint stock company.