UZSE to increase charter capital to 45bn soums

The decision was adopted in line with the resolution of the President of Uzbekistan “On measures on further developing securities market” from 19 March 2012.

Uzbek head agreed with proposal of the State Property Committee, Ministry of Finance and shareholders of UZSE on increasing charter capital of the exchange up to 45 billion soums and payment of additional shares with transfer rights to Direction of Exploitation of Republican Exchange Center from the State Property Committee to the UZSE.

President Islam Karimov also approved proposal on transfer of 25% minus 1 share from the State Property Committee to the Korea Stock Exchange in exchange of supply and introduction of single software-technical complex to securities market with total cost of at least US$6 million.

In line with the document, shareholders of the UZSE can be the State Property Committee with the share at the size of 50% plus one stake, Korea Stock Exchange with share at the size of 24% minus one stake, as well as commercial banks of Uzbekistan – National Bank of Uzbekistan for Foreign Economic Activity, People’s Bank, Asaka Bank and Uzpromstroybank.

Korea Stock Exchange was provided right to sell its stake to third persons after it acquires the stake in UZSE, but with agreement of the State Property Committee of Uzbekistan.

According to the resolution, State unitary enterprise “Fond Bozorining Ahborot-Resurs Markazi” will be created under the State Property Committee. The enterprise will serve organizations of the stock markets.

Till 1 January 2016, Islam Karimov exempted the UZSE from payment of property tax in part of property complex of the Direction of Exploitation of Republican Exchange Center, received as contribution to the charter capital for formation of stake of the State Property Committee.

The resolution said that income of the UZSE and professional participants of the securities market, received from their activities at the securities market, from payment of income tax for legal entities and single tax payment.

The released funds will be directed to strengthening their material-technical base, development of trade and information systems, as well as advertisement of their services.

From 1 January 2015, the UZSE also was exempted from customs payments (except customs registration fee) for supply of software, server and telecommunication equipment, spare parts, which will be delivered by the Korea Stock Exchange.

The exchange also exempted from value added tax to services on training local specialists and guarantee maintenance of supplied and introduced single software-technical complex.

The document added that the resources, received from provided preferences, is also contribution of Uzbekistan to the charter capital of Fond Bozorining Ahborot-Resurs Markazi.