Baku, Azerbaijan, Aug. 20
By Fikret Dolukhanov – Trend:
SFI Management LLC will be managing Uzmetkombinat JSC and Almalyk Mining and Metallurgical Combine (AMMC), which are the biggest metallurgical companies of Uzbekistan, the Uzbek media reported.
SFI Management Group is involved as a trustee-manager of the state share in the authorized capital of the combine. The Group is facing the task of timely and effective implementation of investment projects, increasing the share of exports with high added value, optimizing import costs and reducing production costs.
The company was granted the right to participate in meetings of state bodies and institutions, as well as develop normative and legal acts and normative documents in the field of technical regulation for the AMMC. In addition, the foreign company can attract foreign specialists to manage the combine.
The contract of trust management of the state share in the authorized capital of AMMC by the foreign company will be concluded until December 31, 2023 with a possible extension for another five years.
It was earlier reported that in September 2017, Uzbekistan transferred the state share of 74.1 percent in the authorized capital of Uzmetkombinat JSC, the only metallurgical company in Uzbekistan, to the trust management of SFI Management Group.
This decision is conditioned by the need for a radical review and improvement of corporate management systems of the combine in accordance with modern requirements, including through the introduction of international standards for managing production, foreign economic and investment processes.
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