PRESS OF UZBEKISTAN
February 26, 2016
UZBEKISTAN ESTABLISHES \"UZBEKOZIQOVQATHOLDING\" HOLDING COMPANY
On 18 February, the President of the Republic of Uzbekistan signed a Resolution \"On measures on further improving organization of management of food industry of the Republic\", according to which the Association of enterprises of food industry has been abolished and formed into \"Uzbekoziqovqatholding\" Holding Company.
According to the Resolution, the authorized capital of HC \"Uzbekoziqovqatholding\" is formed through the transfer of state shares at enterprises of the Association at book (nominal) value. Hereby, the HC is considered as the successor of the Association, which donates Holding its rights and responsibilities, including the property at book value.
The Resolution approved:
- the organizational structure of the HC, the structure of the Executive apparatus with limiting the number of managerial personnel at 50 units;
- the list of companies and organizations in the structure of HC (total 176), according to which the state share at “Urgench gust\", \"Tashkent Sifat sut\", \"Chimbay may\", and \"UzBAT A. O.\" are transferred to the authorized capital of HC.
At that, the document defines that the enterprises with participation of funds of the HC are to be established in the form of a JSC or LLC. Private enterprises producing food products are eligible to voluntarily enter into the composition of HC in the status of associate members. The current maintenance and funding of the Executive office of HC are carried out at the expense of dividends, deductions of enterprises and organizations included in its composition, production and business activities, other sources not prohibited by legislation.