Ahangarancement transformed into an LLC, all shares to be annulled
The reorganization was unanimously supported by 99.3% of shareholders. The company reported a loss of 220 billion UZS for the first three quarters of 2024.
Shareholders of Ahangarancement JSC have approved the company's reorganization into a limited liability company (LLC). The decision was first reported by the Telegram channel “CorpInfo.” The resolutions were adopted during a general shareholders' meeting held on November 21, 2024, with the changes officially registered on November 22, 2024.
The transformation was unanimously backed by shareholders, with 99.3% of votes — amounting to 4,884,143 — cast in favor.
The new LLC assumes all obligations and rights of the former JSC. Vitaliy Ilyin Olegovich, who previously held the same position, was appointed as General Director. His contract is effective from November 22, 2024, through March 2027.
Additionally, it was decided to annul Ahangarancement’s shares and withdraw them from circulation after settlements with shareholders are completed.
Financial performance
Ahangarancement recorded a loss of 220.8 billion UZS for the first three quarters of 2024, a stark contrast to its nearly 60 billion UZS profit during the same period in 2023.
Key reasons for the losses:
- Increased production costs: Expenses rose from 599.9 billion to 660.8 billion UZS.
- Decline in gross profit: Dropped nearly tenfold, from 298.9 billion to 28.1 billion UZS.
- Operating expenses: Totaled 91.4 billion UZS.
- Financial costs: The company incurred 14.5 billion UZS in foreign exchange losses and paid 19.1 billion UZS in interest.
In January 2022, USM Holdings, owned by Alisher Usmanov, acquired Ahangarancement through its subsidiary Akkerman Cement, purchasing 98.4% of the plant’s shares for 1.9 trillion UZS, a record for the stock exchange.
In 2023, Akkerman Cement, its Uzbek subsidiary, and Ahangarancement faced U.S. blocking sanctions. To lift these restrictions, a working group led by Deputy Prime Minister Jamshid Khodjaev was established.
In 2024, the company delisted its shares from the stock exchange, removing them from the "Transit" category of the listing.
Recommended
List of streets and intersections being repaired in Tashkent published
SOCIETY | 19:12 / 16.05.2024
Uzbekistan's flag flies high on Oceania's tallest volcano
SOCIETY | 17:54 / 15.05.2024
New tariffs to be introduced in Tashkent public transport
SOCIETY | 14:55 / 05.05.2023
Onix and Tracker cars withdrawn from sale
BUSINESS | 10:20 / 05.05.2023
Latest news
-
Central Bank launching sale of 100-gram gold bars
BUSINESS | 20:50
-
U.S. may repeal Jackson-Vanik amendment for Central Asian countries
POLITICS | 20:45
-
Syrdarya governor dismissed from office, 16 other governors reprimanded for investment shortcomings
POLITICS | 19:50
-
Driver sentenced to 6 years for killing pedestrian and refusing to help victim
SOCIETY | 19:46
Related News
13:57 / 14.01.2025
Central Bank and its role in shaping the economy
12:18 / 13.01.2025
Central Bank issues warnings to 9 banks and fines 3 financial institutions
17:07 / 25.12.2024
Sherabad Cement Plant cleared of 1 billion UZS gas debt after tariff dispute
17:16 / 24.12.2024