NGMK to be reorganized
19/01/2019 17:15
NGMK to be reorganized
19/01/2019 17:15
Tashkent, Uzbekistan (UzDaily.com) -- Navoi Mining and Metallurgical Combine (NGMK) will be reorganized into a joint stock company and will cease to be a state enterprise.
President of Uzbekistan Shavkat Mirziyoyev signed a decree “On measures to further improve the activities of enterprises in the mining and metallurgical industry” on 17 January.
According to the document, a state-owned enterprise for extraction and processing of uranium will be created. Enterprises will also be created in the form of a joint-stock company for extraction and processing of precious metals.
The resolution states that the state share of the newly created joint-stock company will be transferred in trust management to professional management companies on a competitive basis until 1 December.
The president created a republican commission to reform the mining and metallurgical industry. The commission was instructed that before 1 July, it should develop a concept for reforming and developing large enterprises in the industry, including, among other things, attracting investors exclusively through initial (IPO) and secondary (SPO) public offerings on domestic and international stock markets.
The IPO and SPO of the Uzbek Metallurgical Plant (Uzmetkombinat) are expected to be held in 2022, the Almalyk MMC - in 2023, and the Navoi MMC - in 2023.
Starting from the results of 2019, large enterprises of the mining and metallurgical industry will prepare financial statements in accordance with international financial reporting standards. They will also have to conduct an independent external audit with the involvement of international audit firms.
According to the results of 2020, enterprises were instructed to implement the disclosure of corporate information in accordance with the requirements of the International Accounting Standards (ISAR). They are also commissioned to publish reports, including on economic, social and environmental issues, in accordance with the Global Reporting Initiative (GRI).
The head of Uzbekistan, before 30 August, ordered with the participation of international experts to develop a draft law “On State Property Management”. It is planned to develop proposals for changes in legislation regarding the possibility of denationalization and privatization of state-owned enterprises engaged in the development, production and sale of explosives, as well as special materials and equipment for their production.
25/04/2024Read more
$ 1 | 12667.00 | +0.022% |
1 | 13481.49 | -2.022% |
₽ 1 | 135.77 | -0.506% |