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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of April 19, 2024 No. PP-163

About measures for transformation and acceleration of processes of privatization of large enterprises with the state participation

In ensuring economic growth in the country, increase in competitiveness of national economy and reducing participation of the state in it, and also increase in flow of direct foreign investments important factor is privatization.

In particular, by results of the public biddings organized for the last three years by professional consultants, to foreign investors 26 assets on 1, 3 billion US dollars are realized.

For the purpose of increase in efficiency of activities of large enterprises and commercial banks with the state participation (further - large enterprises with the state participation), implementations of modern management system, continuation of system work on their transformation, and also accelerations of attraction of foreign investments by privatization for upgrade, technical and technological retrofitting of production:

1. Approve:

The list of blocks of shares (shares) exposed on the public biddings in the international market with involvement of professional consultants according to appendix No. 1;

The list of large enterprises with the state participation, primary (IPO) and (or) secondary (SPO) the public offer of shares of which will be carried out in the international stock market, according to appendix No. 2;

Structure of the working groups responsible for coordination of works on preprivatization preparation of blocks of shares (shares) in the authorized capital of large enterprises with the state participation (further - working groups), according to appendix No. 3.

2. Determine the main objectives of working groups:

ensuring preparation of financial statements of large enterprises with the state participation on the basis of international standards;

implementation of coordination of involvement of professional consultants for the organization of processes of the biddings and achievement by large enterprises with the state participation of steady indicators of the authoritative international rating organizations;

ensuring interaction with the bodies regulating the security market and the exchanges in the foreign states, negotiation for the conclusion of the corresponding memorandums and agreements;

coordination of activities of underwriters and organization of preparation of marketing materials;

introduction quarterly into State commission on privatization of the state assets and coordination of processes of privatization of information on the carried-out work.

To working groups to develop "Road map" on exposure to the biddings of the state blocks of shares of the fixed companies in a month and to provide its introduction on approval into State commission on privatization of the state assets and coordination of processes of privatization (A. Aripov).

3. Approve the offer of the Ministry of Economics and finance on determination of priority tasks of heads and deputy managers of large enterprises with the state participation in process of their transformation according to appendix No. 4.

And finance in two-month time proceeding from the priority tasks determined in appendix No. 4 to this resolution to provide to the Ministry of Economics approval of measures for the works which are coming to implementation by heads and deputy managers of large enterprises with the state participation on the basis of decisions of their governing bodies.

4. Determine that:

a) the international consultants and the organizations rendering legal services are attracted by JSC UzAssets Investment Company for preparation for privatization of large enterprises with the state participation which shareholder is the Ministry of Economics and finance, involvement of trustees and coordination of these processes. At the same time:

the expenses performed by JSC UzAssets Investment Company become covered by fund of management, transformation and privatization of the state assets (further - Fund);

the funds allocated from Fund go for increase in share of the Ministry of Economics and finance in the authorized capital of JSC UzAssets Investment Company;

b) The agency on management of the state assets (further - the Agency of state assets) and JSC UzAssets Investment Company is granted the right to attract the professional organizations (investment intermediaries, trustees, the organizations rendering legal services, and the consulting organizations, investment banks, the PR-company or other specialized companies) on the basis of direct agreements to transformation and preprivatization preparation of large enterprises with the state participation.

At the same time the contracts and supplementary agreements signed with them to them are not subject to conducting examination in SUE Center of Complex Examination of Projects and Import Contracts.

5. To the Ministry of Economics and finance, to the Agency of state assets together with the Department of Energy till July 1, 2024 on the basis of the proposal of the attracted consultant to begin privatization of the state share in the amount of 51 percent and more in the authorized capital of JSC Thermal Power Plants or separate thermal power plants in its structure.

6. To the agency of state assets based on the privatization program and reforming of the companies of the chemical industry until the end of 2024 to finish process of privatization of the state block of shares in the authorized capital of JSC Dekhkanabadsky Potash Plant.

7. To the Ministry of Economics and finance and to the Agency of state assets till July 1, 2024 to begin work on exposure to the biddings of 75,2 of percent of share of JSC Uzavtosanoat in the authorized capital of Samarqand Avtomobil zavodi LLC with involvement of professional consultants.

8. Determine that since July 1, 2024 on large enterprises with the state participation:

the corporate secretariat submitting to the supervisory board for enhancement of corporate management system, in particular, of further increase in efficiency of activities of governing bodies is created;

updated rules of corporate management and the code of ethics take root;

the possibility of execution of protocols of the supervisory board in the remote mode with use of information and communication technologies by means of electronic voting ballots is created.

9. To the agency of state assets together with the Ministry of Foreign Affairs, the Ministry of investments, industry and trade, the Ministry of Economics and finance, the Agency of information and mass communications and Chamber of Commerce and Industry for the purpose of the organization of the biddings of assets, privatizeable based on this resolution, in the international markets and involvement of potential investors to take measures for the organization of large-scale information and explanatory work, and also carrying out "round tables" and the presentations (Road Show) in cooperation with foreign mass media and international PR - the consulting companies.

10. Assign responsibility for the effective organization of execution of this resolution to the deputy prime minister D. A. Kuchkarov and the director of the Agency on management of the state assets A. Zh. Ortikov.

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