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The document ceased to be valid since  January 16, 2018 according to Item 1 of the Resolution of the State committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition of January 6, 2018 No. 01/10-10/03

Registered by

Ministry of Justice

Republic of Uzbekistan

On August 5, 2005 No. 1504

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

On July 8, 2005 No. 01/06-18/03

About approval of the Regulations on procedure for provision to the investors acquiring not controlling stocks (shares), but bringing the considerable volumes of investment into upgrade and modernization of the companies, the rights of management of the state share without carrying out tender

(as amended on 11-12-2017)

In pursuance of the resolution of the President of the Republic of Uzbekistan of March 14, 2005 "About the Program of privatization and privatization of the companies for 2005-2006" the State committee of the Republic of Uzbekistan on privatization, demonopolization and development of the competition decides No. PP-29:

1. Approve the enclosed Regulations on procedure for provision to the investors acquiring not controlling stocks (shares), but bringing the considerable volumes of investment into upgrade and modernization of the companies, the rights of management of the state share without carrying out tender.

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.

Chairman of the State Property Committee of the Republic of Uzbekistan

M. Askarov

Approved by the Resolution of the State Property Committee of the Republic of Uzbekistan of July 8, 2005 No. 01/06-18/03

Regulations on procedure for provision to the investors acquiring not controlling stocks (shares), but bringing the considerable volumes of investment into upgrade and modernization of the companies, the rights of management of the state share without carrying out tender

This Provision, according to the resolution of the President of the Republic of Uzbekistan of March 14, 2005 No. PP-29 "About the program of privatization and privatization of the companies for 2005-2006", extends to the investors who are acquiring or acquired not controlling stocks (shares) with condition of introduction of the considerable volumes of investment into upgrade and modernization of the companies.

I. General provisions

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

investors are the residents and nonresidents of the Republic of Uzbekistan who are acquiring or acquired not controlling stocks (shares) with condition of introduction of the considerable volumes of investment into upgrade and modernization of the companies;

the commission - the Commission on monitoring of effective use of the state share fraction in joint-stock associations and the companies;

the considerable volume of investment - the investments brought by the buyer in upgrade and modernization from 51 to 100 percent of investment requirements of the company or at least 40% of its assets;

not controlling stock (shares) - the size of the block of shares (share) constituting more than 25 and to 50 percent from authorized capital of the company.

2. The state share in the companies on which competition on transfer to management of the trustee of investment assets is announced can be delivered in trust management to investors until the end of tender.

3. The state share in the companies cannot indulge in trust management in investors in cases:

if the specified share already is in management of trustees of investment assets;

if the specified share is contributed to authorized capital of economic associations and other business entities.

II. Consideration of proposals of investors and provision of the right of management by it of the state share

4. In case of intention to acquire the rights of management of the state share the investor represents the written offer to the Center for management of the state assets under the State committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition (further - the Center) with the short description of expected actions and the purposes, and also the expected results in case of acquisition of right of this right.

5. The center from the moment of receipt of the written offer sends to week time to the investor:

written approval with sending an inquiry about provision in the twenty-day time of all documents according to appendix;

or motivated refusal.

6. The refusal can be provided by the Center in cases:

determinations of the winner in tender on transfer of the state share to management of the trustee of investment assets until submission of the offer by the investor;

if concerning the company specified in the proposal of the investor the procedure for reorganization, liquidation or bankruptcy is carried out.

7. The center makes the offer on transfer to trust management to investors of the state share for consideration of the commission in cases:

availability of all documents submitted by the investor according to appendix to this Provision;

compliance to the criteria shown to the investor by this Provision.

8. The decision on transfer of the right of management of the state share to investors or on refusal in satisfaction of the offers of the Center made according to Item 7 of this provision is accepted by the Commission.

9. In case of adoption by the Commission of the decision on transfer of the right of management of the state share to investors the Center within 10 days from the date of decision making signs the agreement on trust management of the state share with the investor.

10. In case of adoption by the Commission of the decision on refusal the Center sends the corresponding notification on it to 10-day time to the investor.

III. Monitoring of the granted rights to investors on management of the state share

11. The investor who acquired the right of management of the state share submits in the Center reports on the form established for trustees and the state attorneys according to the legislation.

12. Vote of the investor at meetings of the Supervisory board and general meetings of shareholders (founders) on the state share is performed according to the Provision "About Procedure of Activities for Management of the State Blocks of Shares (Shares) in Authorized Capital of Economic Societies" (reg. No. 1473 of 27.04.2005)

13. To the investors who acquired the right of management of the state share, fee on management of the state shares is not performed.

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