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RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of April 14, 1998 No. 3676

About transformation of the state companies and sale of subjects to privatization

For the purpose of implementation of resolutions of the President of Turkmenistan of August 20, 1997 "About some measures for privatization and privatization of objects of state-owned property" and of January 14, 1998 No. 3490 "About measures for incorporating industrial enterprises in Turkmenistan" I decide No. 3322:

1. Approve the transformations of the state companies to joint-stock companies enclosed Regulations on procedure and Regulations on procedure for placement of the state blocks of shares.

2. Determine that body, authorized to represent the interests of the state concerning state-owned property of Turkmenistan, the Ministry of Economics and finance of Turkmenistan is.

3. And finance of Turkmenistan to provide to the Ministry of Economics transformation of the state companies and their separate divisions, privatizeable, in joint-stock companies or partnerships.

4. Subjects to privatization are:

the blocks of shares of the joint-stock companies which registered issue in stipulated by the legislation procedure being in state-owned property and shares in partnerships;

the state companies as property complexes, and also their isolated production and non-productive structural divisions which privatization will not break the closed production cycle of production;

separate types of state-owned property, including objects, and also separate types of property of the state companies which are not finished by construction in case of their liquidation.

5. Founder of the joint-stock companies or partnerships created according to the procedure of transformation of the state companies and their separate divisions, and the holder (which are in state-owned property of their blocks of shares (shares) is the state on behalf of the Ministry of Economics and finance of Turkmenistan.

6. To the Ministry of Economics and finance of Turkmenistan:

make value assessment of subjects to privatization on profitability, and also by use of cost and comparative (market) approach or at book value;

perform address sale of subjects to privatization in coordination with the Cabinet of Ministers of Turkmenistan;

provide to buyers of subjects to privatization payment payment by installments proceeding from conditions and selling price.

To provision of payment by installments of payment for the term of more than 5 years it is made in coordination with the Cabinet of Ministers of Turkmenistan.

7. Extend action of Items 5 and 6 of this resolution to activities of the Center for preparation of industrial enterprises for incorporating and privatization, under the State agency on foreign investments in case of the President of Turkmenistan regarding incorporating industrial enterprises according to the list approved by the resolution of the President of Turkmenistan of January 14, 1998 No. 3490 "About measures for incorporating industrial enterprises in Turkmenistan".

8. And finance of Turkmenistan and to the State agency on foreign investments in case of the President of Turkmenistan to provide to the Ministry of Economics cash receipt from sale of the state blocks of shares on (special accounts of the Government budget of Turkmenistan. The directions of use of these means are determined by the Cabinet of Ministers of Turkmenistan.

9. Buildings or rooms which are in them occupied by subjects to privatization are on sale to new owners (or are transferred to the transformed companies), irrespective of departmental accessory of the specified buildings.

To the Ministry of Economics and finance of Turkmenistan to make renewal of documentation and to transfer on paid basis to the possession the built-in attached rooms occupied by the privatized objects on the terms of long-term lease.

10. Determine that the joint-stock company or partnership created by transformation of the state company or its separate division from the date of its state registration leaves administrative subordination of higher industry state body.

11. Hyakimlikam of the cities and etraps to accept on balance the apartment houses, preschool institutions and other subjects to social and welfare appointment which were on balance of the state companies before their transformation.

12. Recognize invalid the resolution of the President of Turkmenistan of July 30, 1997 as No. 3268 "About the rent" and Item 2 of the resolution of the President of Turkmenistan of November 21, 1997 No. 3406 "About privatization of objects of state-owned property through auctions".

 

President of Turkmenistan

Saparmurat Turkmenbashi

Approved by the resolution of the President of Turkmenistan of April 14, 1998 No. 3676

Regulations on procedure for placement of the state blocks of shares

1. This Provision regulates procedure for placement of the blocks of shares of the joint-stock companies created by transformation of the state companies which are in state-owned property (the state blocks of shares hereinafter are referred to as further).

2. The state blocks of shares are subject to placement only after registration of share issue in the Unified state register of securities.

3. As the seller of the state blocks of shares the state on behalf of the Ministry of Economics and finance of Turkmenistan (the authorized body hereinafter is referred to as further), which also determines method, the price and conditions of their sale acts.

Authorized body selling the state blocks of shares of the joint-stock companies established according to the list approved by the resolution of the President of Turkmenistan of January 14, 1998 No. 3490 "About measures for incorporating industrial enterprises in Turkmenistan" is the Center for preparation of industrial enterprises for incorporating and privatization under the State agency on foreign investments in case of the President of Turkmenistan.

4. Placement of the state blocks of shares is performed on the basis:

the decisions of authorized body made according to the procedure of implementation of the State program of privatization

decisions of the Cabinet of Ministers of Turkmenistan.

5. Placement of the state blocks of shares is performed by their closed and/or open sale.

In case of sale of the state blocks of shares all requirements imposed by the legislation of Turkmenistan to transactions with securities are observed.

The closed sale

6. The closed sale of the state blocks of shares is performed in the form of the closed subscription to them at par value after transformation of the state company among:

members of labor collective and officials of administration of the transformed state company (the head, his deputies, the smooth engineer, the chief accountant, heads of structural divisions);

the pensioners who retired from this company irrespective of length of service at this company;

the former employees having the right to return to former place of employment at this company according to the current legislation of Turkmenistan.

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