RESOLUTION OF THE STATE COMMITTEE OF THE REPUBLIC OF UZBEKISTAN ON MANAGEMENT OF THE STATE-OWNED PROPERTY AND SUPPORT OF THE ENTREPRENEURSHIP

of May 13, 2002 No. IU-01/52

about approval of the Regulations on sale to investors of shares, shares (shares) of the companies, objects entirely not realized within one year and more with condition of inclusion of cost of investment obligations in the object price

According to resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of 26.03.2002 N 97 "About additional measures for providing program implementation of privatization and privatization, attraction of foreign investments", of 17.04.2003 "About the program of privatization and privatization of the companies for 2003-2004" the State management committee state-owned property and support of entrepreneurship decides No. 185:

1. Approve the enclosed Regulations on sale to investors of shares, shares (shares) of the companies and objects entirely not realized within one year and more with condition of inclusion of cost of investment obligations in the object price.

2. This resolution becomes effective after ten days from the moment of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Approved by the resolution of the State committee of the Republic of Uzbekistan on management of state-owned property and support of entrepreneurship of May 13, 2002 No. IU-01/52

Regulations on sale to investors of shares, shares (shares) of the companies and objects entirely which are not realized within one year and more with condition of inclusion of cost of investment obligations in the object price

This Provision is developed according to the Laws of the Republic of Uzbekistan "About investing activities", "About joint-stock companies and protection of shareholder rights", resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of 26.03.2002 N 97 "About additional measures for providing program implementation of privatization and privatization, attraction of foreign investments", of 17.04.2003 N 185 "About the program of privatization and privatization of the companies for 2003-2004" and other acts of the legislation of the Republic of Uzbekistan".

The provision regulates procedure for realization to investors (including foreign) shares, shares (shares) of the companies and objects entirely which are not realized within one year and more (except for the companies which are subject to incorporating on individual projects), with condition of inclusion of cost of investment obligations in the object price.

Chapter I. General provisions

1. For the purpose of this provision the following concepts are used:

a) the investor - the subject of investing activities performing investment of own, loan and raised funds, property and the rights to them and also the intellectual property rights according to the purchase and sale agreement of shares, shares (shares) of the companies and objects entirely;

b) object of sale - the share, shares (shares) of the companies and objects entirely;

c) object entirely - the company in the form of property complex or its part, including construction in progress;

d) investment obligations - obligations of the investor on implementation of investments, according to the signed purchase and sale agreement of shares, shares (shares) of the company and object entirely.

2. Investment obligations can be fulfilled in the form of direct investments by supply of equipment, spare parts and accessories for modernization and reconstruction of production, repayment by the investor of debt of the company to the budget and the state trust funds, and also the credits obtained under guarantees of the Government.

3. As the initiator of implementation of shares, shares (shares) of the companies and objects entirely with condition of inclusion of cost of investment obligations in the price of object the State Property Committee, industry associations, concerns, corporations, khokimiyats, investors and the company can act.

4. The decision on sale to investors of shares, shares (shares) of the companies and objects entirely which are not realized within one year and more with condition of inclusion of cost of investment obligations in the price of objects accepts the State Property Committee in coordination with the corresponding Complex of the Cabinet of Ministers.

Chapter II. Procedure for implementation of shares, shares (shares) of the companies and objects entirely

5. Implementation of shares, shares (shares) of the companies and objects is entirely performed by the tender commission created by the State Property Committee according to Procedure for holding tenders on realization of the companies and shares of the privatized state companies, the approved resolution of the Cabinet of Ministers of the Republic of Uzbekistan of August 18, 1997 N 404 taking into account the features provided by this Provision.

6. In structure of the tender commission representatives of the company, industry associations, concerns, corporations, and also on contractual basis, independent specialists, experts, consultants can be attracted.

Chapter III. Procedure for submission of documents by the investor for participation in the tender

7. All are allowed to participation in the tender izyavivshy desire physical persons and legal entities (including foreign).

8. For participation in the tender for implementation of shares, shares (shares) of the companies and objects entirely which are subject to sale on competitive basis, are not realized within one year and more with inclusion in the price of objects of cost of investment obligations, the investor not later than three days before tender date submits the tender offer about the price of object of sale, taking into account inclusion in its price of the cost of investment obligations and the business plan on financial improvement of the company.

9. The tender offer and the business plan are accepted by the tender commission in sealed envelope.

10. The business plan shall contain:

investing program with indication of terms of its accomplishment, supply of equipment (if it is provided), its technological parameters, the range of products, the used raw materials, actions for increase in production efficiency, use of the available equipment and floor spaces, the expected economic effect etc.;

other obligations and plans of the investor for financial and economic improvement of the company.

11. In case of business plan assessment on financial improvement of the company the determining value has the cost of the investment project and source of its financing. At the same time the following factors are considered:

a) financial and economic indicators of the company (availability creditor and receivables, losses etc.);

b) condition of fixed assets, their use.

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