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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of October 16, 2023 No. PP-337

About additional measures for the effective organization of aviation activities

For the purpose of creating favorable conditions for development of transportations of local population and tourists on internal aviamessages, further improvement of quality of the rendered services in the Republic of Uzbekistan:

1. Agree with offers of the Ministry of transport, the Ministry of Economics and finance and controls of JSC Uzbekistan Airways and JSC Uzbekistan Airports:

about transfer of 100 percent share of JSC Uzbekistan Airports in the authorized capital of SILK AVIA LLC with preserving its brand in the authorized capital of Uzbekistan Helicopters LLC as a part of JSC Uzbekistan Airways;

about voluntary conveyance of three air vehicles of the ATR72-600 model belonging to JSC Uzbekistan Airports, SILK AVIA LLC;

about increase in number of air vehicles of the ATR72-600 model within strategy implementation on the effective organization and development of activities of SILK AVIA LLC;

about assignment on Uzbekistan Helicopters LLC as a part of JSC Uzbekistan Airways of tasks on increase in number of local aviamessages, expansion of geography of flights, adjustment of new routes and development of the park of air vehicles of the ATR72-600 model.

2. Determine that:

the state share in the authorized capital of JSC Uzbekistan Airports decreases by the residual (balance sheet) cost of share in SILK AVIA LLC, and the state share in JSC Uzbekistan Airways and share of JSC Uzbekistan Airways in Uzbekistan Helicopters LLC increase by the specified cost;

the state share in the authorized capital of JSC Uzbekistan Airports decreases by expense amount, the determined working group created from the representatives of JSC Uzbekistan Airways and JSC Uzbekistan Airports connected with three air vehicles of the ATR72-600 model transferred to SILK AVIA LLC;

transfer of assets from one organization in other organization based on this resolution is not considered as turnover on sales of goods and is equated to economically justified voluntary conveyance of goods;

it is allowed to pay by installments within three years with equal shares the dividends which are subject to payment in the Government budget from the net profit got by JSC Uzbekistan Airports following the results of 2022 in the amount of, equal to equivalent 13, 62 million US dollars (12, 5 million US dollars - principal debt, 1, 12 million US dollars - interests on the credits) paid based on the credit agreement signed between JSC Uzbekistan Airports and JSC Uzmilliybank, at the same time the amount of overdue dividends is considered at the Central Bank rate on the date of payment.

3. Approve offers of the Ministry of transport and the Ministry of Economics and finance:

about renewal on JSC Uzbekistan Airways of the corresponding part of the credit in the amount of 50 million US dollars allocated to JSC Uzmilliybank for JSC Uzbekistan Airports for purchase of three air vehicles of the ATR72-600 model with review of terms of credit;

about removal from under pledge of the real estate of JSC Uzbekistan Airports provided as mortgage providing and transfer as mortgage providing property of JSC Uzbekistan Airways in the amount of 125 percent of cost of the credit allocated on three air vehicles of the ATR72-600 model, and also the purchased air vehicles;

about payment of principal debt, the percent, the commissions and the forthcoming expenses connected with other payments at the expense of SILK AVIA LLC and JSC Uzbekistan Airways proceeding from the amount specified in the credit agreement signed with JSC Uzmilliybank;

about carrying out inventory count of all financial expenses and agreements signed by JSC Uzbekistan Airports on SILK AVIA LLC, the working group created from among representatives of JSC Uzbekistan Airways and JSC Uzbekistan Airports with determination of JSC Uzbekistan Airways by the legal successor of JSC Uzbekistan Airports according to the agreements defined based on this inventory count.

4. To the ministry of transport proceeding from demand and the needs of the population and foreign tourists to reveal the demanded territories and to annually review routes of internal aviamessages, at the same time to pay special attention to increase in number of aviamessages and coordination of routes in the direction of the specified territories for the purpose of aviaconnection of regions.

5. And finance to provide to the Ministry of Economics:

in a month transfer of 100 percent share of JSC Uzbekistan Airports in the authorized capital of SILK AVIA LLC to the authorized capital of Uzbekistan Helicopters LLC and change of the authorized capital of societies according to this resolution;

the direction of the dividends from net profit of JSC Uzbekistan Airways added on the state share, on loan repayment, drawn up on society according to this resolution, and also consideration in controls of society of question of increase in the state share in authorized capital of society at the expense of the above-stated dividends.

6. Make changes to the resolution of the President of the Republic of Uzbekistan of October 26, 2022 No. PP-412 "About additional measures for development of local aviamessages in the republic" according to appendix.

7. Assign to the Minister of Transport I. R. Makhkamov the personal responsibility for the effective organization of execution of this resolution.

To assign control of timely and effective fulfillment of this resolution to the Prime Minister of the Republic of Uzbekistan A. N. Aripov.

President of the Republic of Uzbekistan

Sh. Mirziyoev

 

Appendix

to the Resolution of the President of the Republic of Uzbekistan of October 16, 2023 No. PP-337

The changes made to the resolution of the President of the Republic of Uzbekistan of October 26, 2022 No. PP-412 "About additional measures for development of local aviamessages in the republic"

1. State Item 5 in the following edition:

"5. On the credit of JSC Uzmilliybank allocated by JSC Uzbekistan Airways in the amount of 50, in 0 million US dollars:

as mortgage providing are provided property of JSC Uzbekistan Airways in the amount of 125 percent of cost of the credit allocated on 3 air vehicles of the ATR72-600 brand and the purchased air vehicles;

the expenses connected with principal debt, percent, the commission and other payments are made at the expense of means of SILK AVIA LLC and JSC Uzbekistan Airways proceeding from the amount specified in the credit agreement signed with JSC Uzmilliybank.

2. Item 7 in paragraph one after words "add JSC Uzbekistan Airways with the words "until the end of 2023".

 

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