Uzbekistan begins reforming Navoi MMC

A number of measures will be implemented in Uzbekistan to improve the management system and increase the efficiency of the Navoi Mining and Metallurgical Combinat (NMMC), Kun.uz correspondent reports citing a governmental decree.

In particular, the project office will be created at the enterprise with the following tasks assigned to it:

- introduction of modern methods of corporate governance and organization of work on the transformation of Navoi MMC into a joint-stock company;

- organization of work to make the company’s financial statements compliant with International Financial Reporting Standards;

- reducing the cost of production by optimizing and automating business processes;

- improving the financial and economic activities of the enterprise, including through transformations in the field of finance and procurement.

In addition, a new position will appear at the plant - the first deputy general director. The following main functions will be assigned to the person who takes this post:

- introduction of modern methods of corporate governance and financial management, including the organization of an independent external audit with the publication of financial and other reporting for investors;

- organization of the effective work of the Project Office with the involvement of international and domestic experts with experience in the implementation of large-scale projects;

- expansion and diversification of sources of financing investment projects, including by attracting funds from international financial institutions, as well as preparing for primary and secondary public offerings on domestic and international stock markets.