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RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of May 27, 2015 No. 137

About approval of the Regulations on procedure for realization on "zero" redemption value of the state blocks of shares (shares) of the unprofitable, low-profitable and having the low level of capacity utilization companies in the field of the industry and construction with the state share in authorized fund (authorized capital) more than 50 percent

(as amended on 06-07-2020)

According to the Resolution of the Cabinet of Ministers of January 26, 2015 No. 11 "About additional measures for ensuring stability of activities and the maximum loading of capacities of the industrial and construction bodies", for the purpose of enhancement of procedure for privatization of the state blocks of shares (shares) of the unprofitable, low-profitable and having the low level of capacity utilization companies in the field of the industry and construction with the state share in authorized fund (authorized capital) with them the Cabinet of Ministers decides more than 50 percent, increases in efficiency of mechanisms and procedures of their realization, and also ensuring publicity and transparency in case of transactions:

1. Approve Regulations on procedure for realization on "zero" redemption value of the state blocks of shares (shares) of the unprofitable, low-profitable and having the low level of capacity utilization companies in the field of the industry and construction with the state share in authorized fund (authorized capital) more than 50 percent according to appendix No. 1.

2. Recommend to bodies of economic board - to joint stock companies in case of identification unprofitable, low-profitable and having the low level of capacity utilization within the last two years and not being strategically significant for economy of the republic of the companies in the field of the industry and construction, the state share in which was contributed to their authorized capital (authorized capital), to submit for consideration of relevant organs of management of the offer (recommendation) on implementation of blocks of shares (shares) of these companies for "zero" redemption value with condition of adoption of investment and social obligations by the buyer.

At the same time realization on "zero" redemption value of blocks of shares (shares) of the unprofitable, low-profitable and having the low level of capacity utilization companies in the field of the industry and construction is performed in coordination with the corresponding complexes of the Cabinet of Ministers, with the subsequent reduction of share of the state in authorized fund (authorized capital) of data of bodies of economic board.

3. Make changes and additions to some decisions of the Government of the Republic of Uzbekistan according to appendix No. 2.

4. To the ministries and departments to bring the departmental regulatory legal acts into accord with this resolution in a month.

5. To impose control of execution of this resolution on the First Deputy Prime Minister of the Republic of Uzbekistan R. S. Azimov.

Prime Minister of the Republic of Uzbekistan

Sh. Mirziyoev

Appendix No. 1

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of May 27, 2015 No. 137

Regulations on procedure for realization on "zero" redemption value of the state blocks of shares (shares) of the unprofitable, low-profitable and having the low level of capacity utilization companies in the field of the industry and construction with the state share in authorized fund (authorized capital) more than 50 percent

I. General provisions

1. This Provision determines procedure for realization by "zero" redemption value of the state blocks of shares (shares) of the unprofitable, low-profitable and having the low level of capacity utilization companies in the field of the industry and construction with the state share in authorized fund (authorized capital) more than 50 percent, with condition of adoption of investment and social obligations by the buyer according to the procedure of privatization.

Action of this provision does not extend to implementation of the state blocks of shares (shares) of the companies having strategic importance for republic economy.

2. In this Provision the following basic concepts are applied:

the state block of shares (share) - the shares (share) belonging on the property right to the state on behalf of state bodies, public authorities on places, the state unitary enterprises and public institutions, the Central bank of the Republic of Uzbekistan, Fund of reconstruction and developments in the unprofitable, low-profitable and having the low level of capacity utilization companies in authorized fund (authorized capital) of which the state share exceeds 50 percent (further - the companies);

the seller - territorial authority of Goskomkonkurention;

The state tender commission - State commission on holding tenders in case of sale of state-owned property;

territorial tender committee - the tender committee headed respectively by the Chairman of the board of Ministers of the Republic of Karakalpakstan, hokimama of areas and the city of Tashkent, including heads of territorial authorities of Goskomkonkurention (as the vice-chairman of tender committee), the Ministries of Finance, the Ministries of Economics, the State Tax Committee, Chamber of Commerce and Industry of the Republic of Uzbekistan;

operating part - territorial authority of Goskomkonkurention;

the buyer - the non-state legal entity or physical person which signed with the seller the purchase and sale agreement of the state block of shares (share) according to the legislation;

tender - form of the biddings by determination of the buyer of the state block of shares (share) by means of the choice of the best offers provided by participants according to criteria and conditions of the tender documentation;

tender conditions - the conditions on procedure for carrying out tender, the venue, encumbrances, investment and social obligations and requirements to participants determined by the seller;

investment obligations - the obligations on implementation of investments into the company assumed by the buyer upon purchase of the state block of shares (share), having money value and performed in the forms which are not contradicting the legislation;

social obligations - the obligations assumed by the buyer upon purchase of the state block of shares (share), which do not have money value and performed in the forms which are not contradicting the legislation;

direct negotiations - negotiations with shareholders (participants), the company or potential investors, including foreign, by determination of the buyer without carrying out tender.

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