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Uzbekistan leaves full profit to Almalyk Mining and Metallurgical Combine

9 October 2018 17:00 (UTC+04:00)
Uzbekistan leaves full profit to Almalyk Mining and Metallurgical Combine

By Trend

The Ministry of Finance and the State Committee of Uzbekistan on Privatization, Demonopolization and Development of Competition left the Almalyk Mining and Metallurgical Combine with full net profit for 2017, Uzbek media outlets reported.

Last year, the combine earned 124 billion soums of net profit. Of this money, 88.2 percent (state share) - 109.4 billion soums were decided to be directed to the modernization of production facilities upon the condition of subsequent capitalization to the authorized capital, on account of increasing the state share.

The holders of the preferred shares will receive 2.2 billion soums (1.8 percent) or 25 percent of the nominal value of one share of the company. The contributions to the Fund for Support of Innovative Activities of the largest metallurgical enterprise in Uzbekistan will amount to more than 12.4 billion soums, the message says.

"News of Uzbekistan" reported previously referring to the information of Almalyk MMC JSC that the foreign enterprise SFI Management Group LLC was attracted by the government of the country as a trust manager of the state share in the authorized capital of the large mining and smelting complex of Uzbekistan.

The SFI Management Group LLC was attracted to the trust management of Almalyk MMC by the Founder and CEO of the Russian joint-stock company USM Holding Alisher Usmanov, who invested $300 million in the modernization of the combine.

A group of experts consisting of metallurgists, scientists and miners, assembled by Usmanov, is working over the long-term modernization program of the AMMC.

The combine should increase the extraction and processing of precious and rare-earth metals by 1.3 times, and the proceeds from their sale will increase by 1.5 times and exceed 12 trillion soums.

The official rate on October 8 is 8179.66 UZS / USD.


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