RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of August 18, 2023 No. PP-283

About additional measures for enhancement of the mechanism of reforming of the companies and commercial banks with participation of the state

For the purpose of realization of tasks on transformation and privatization of commercial banks and companies from shares of the state:

1. Transfer to the Ministry of Economics and finance the state blocks of shares (shares) in the authorized capital of the large enterprises and commercial banks with participation of the state specified in appendix to the resolution of the President of the Republic of Uzbekistan of March 1, 2023 No. PP-83 "About measures for acceleration of processes of reforming of the companies with participation of the state" and also UzAssets investment company.

To provide to fund of reconstruction and development in two weeks transfer to the Ministry of Economics and finance of functions of implementation of powers of the shareholder and management on the state blocks of shares belonging to it in the authorized capital of the organizations specified in the list according to appendix No. 1, on the basis of the power of attorney unrestricted term.

Assign to the Ministry of Economics and finance of power and task on reforming of the large enterprises and commercial banks provided by this Item.

2. (A. Ortikov) in two weeks to provide to the agency of strategic reforms, Agency on management of the state assets transfer to the Ministry of Economics and finance of blocks of shares (shares) provided in this resolution.

Decisions on all joint-stock questions according to the shares belonging to Fund of reconstruction and developments are accepted by the Ministry of Economics and finance independently.

At the same time dividends on the blocks of shares (shares) in the authorized capital of the organizations belonging to Fund of reconstruction and developments, and also the means arriving from sale of these blocks of shares are translated to Fund reconstruction and developments.

3. To the Ministry of Economics and finance (D. Kuchkarov):

a) in a month again to approve organizational structure and internal corporate documentation, structure of executive body and the supervisory board of UzAssets investment company;

b) till December 31, 2023:

together with UzAssets investment company to involve consultants in transformation of the company the, and also each company and commercial bank transferred by it to the control and to approve the schedule of their reforming;

develop and submit for approval the draft of the resolution directed to realization of the following stage of transformation of the large state enterprises and commercial banks, including to implementation of modern operational models together with the international financial institutions and consultants;

c) till December 1, 2023 to provide approval by UzAssets investment company of business plans of the organizations transferred by it to the control for 2024;

d) make in the Cabinet of Ministers offers on appointment of foreign specialists to executive positions of UzAssets investment company, large enterprises and commercial banks with participation of the state.

4. Determine financing sources of expenses of the Ministry of Economics and the finance and UzAssets investment company connected with reforming and management of the companies with participation of the state:

the dividends added on share of the state by the companies and commercial banks with participation of the state provided in this resolution (except for the part transferred to the Government budget of the Republic of Uzbekistan and Fund of reconstruction and development);

the funds raised from the international financial institutions for support of policy of institutional development, development of the market reforms directed to strengthening of management of finance of the state and the state companies, their privatization and for other purposes;

other sources which are not prohibited by the legislation.

5. To agency on management of the state assets (A. Ortikov) in two weeks to make offers on placement of UzAssets investment company in the Cabinet of Ministers.

6. Make changes to the resolution of the President of the Republic of Uzbekistan of March 1, 2023 No. PP-83 "About measures for acceleration of processes of reforming of the companies with participation of the state" according to appendix No. 2.

7. To impose control of execution of this resolution on the Prime Minister of the Republic of Uzbekistan A. N. Aripov.

Appendix № 1

to the Resolution of the President of the Republic of Uzbekistan of August 18, 2023 No. PP-283

The list of the organizations with function of the shareholder (participant) for the state blocks of shares (shares) of Fund of reconstruction and development

Note: in case of change of the size of share of the state the share is transferred to management to the Ministry of Economics and finance taking into account changes.

Appendix № 2

to the Resolution of the President of the Republic of Uzbekistan of August 18, 2023 No. PP-283

The changes made to the resolution of the President of the Republic of Uzbekistan of March 1, 2023 No. PP-83 "About measures for acceleration of processes of reforming of the companies with participation of the state"

1. To state paragraph two of Item 1 in the following edition:

"Assign to the Ministry of Economics and finance task of reforming of the specified companies".

2. In the paragraph the second Item 2 of the word "Agency of Strategic Reforms" shall be replaced with words "The Ministry of Economics and finance".

3. In paragraph one of Item 3 of the word "Agencies of Strategic Reforms" shall be replaced with words "The Ministry of Economics and finance".

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