South Korean firms to buy stakes in Uzbek companies

 President of Uzbekistan signed a resolution “On measures to further expand trade, economic, investment and financial cooperation with the Republic of Korea” on 16 May 2016.
The resolution was adopted to expand attraction of the leading Korean companies to the joint stock companies in Uzbekistan.

According to the resolution, the agreements were reached on selling companies and organizations with the state share in the charter capitals, as well as realizing perspective joint projects at the Uzbek-Korean Business Forum, which was held in Seoul on 27-29 April 2016.

The document approved three plans of measures on realization of agreements, reached between Uzbek and Korean companies and financial organizations.

One of plans of measures envisages realization of state stakes in Uztemirkonteyner (15% for US$4.5 million), Sarbon Neftegaz (51% for US$3.8 million), Uzqishloqhojalikmash-lizing (15% for US$7.8 million), Samarkand Wine Combine named after Hovrenko (20.18% for US$2.6 million), Ravnaqbank (15% for US$0.5 million) and four more joint companies to Korean investors within 2016.

The second plan envisages realization of state stake in Uzpromstroybank (15% for US$63.6 million), Asaka Bank (15% for US$58 million), Aloqabank (47.54% за US$42.7 million), Uzexpocenter (38.3% for US$24.9 million), Halqaro Hamkorlik Markazi (29.9% for US$32.2 million) and four more companies. The stakes should be sold within 2016-2017.

If the investors fail to buy stakes in mentioned time, the stakes in the companies and banks can be realized at public trades.

Source:  Uzdaily.com