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160517

160517

Article 3 of the Decree №UP-4933 of the President of Uzbekistan from January 17th, 2017 envisages the implementation of the widely used international practice forms of the sale of state-owned objects such as initial (IPO) and secondary (SPO) public offerings of shares to the public and business entities through the stock exchange.

In pursuance of this Decree, on May 10th, 2017, the Cabinet of Ministers adopted the Decree №268 of the Cabinet of Ministers on «The organization of the public offering of shares on the stock exchange».

The Decree establishes implementation procedures for a pilot project of initial (IPO) and secondary (SPO) public offerings of joint-stock companies’ shares to the public and business entities in accordance with international practice.

Also, according to the Decree, the selling of shares of joint-stock company "Kvartz" through the primary public offering, as well as realization of shares of joint-stock companies such as «Shahrisabz vino-aroq» and «Qo’qon mexanika zavodi» via a secondary public offering in amount of 10% of their authorized capital, are planned. The Decree allows for National bank of Uzbekistan and joint-stock commercial bank "Asaka" to be organizers of the IPO and SPO, besides there is a regulation on the procedure for conducting the initial (IPO) and secondary (SPO) public offerings of shares on the stock exchange.

So, referring to the regulations on the procedure for conducting initial (IPO) and secondary (SPO) public offerings of shares on the stock exchange:

An initial public offering (IPO) is the placement by the joint-stock company (initiator of the IPO) of additional shares to unlimited number of investors on the stock market;

A secondary public offering (SPO) is the sale by a shareholder (the initiator of SPO) of its shares to unlimited number of investors on the stock exchange;

An organizer of a public offer of shares (the organizer) is an investment intermediate or a commercial bank or an insurance company engaged in underwriting operations and providing services on the organization and carriage of a public offer of shares.

Based on the results of the preliminary study of the joint-stock company, the organizer determines the range of prices for supply of shares in order to pick purchase applications up.

After the price range is determined by the organizer, a subscription campaign is carried out in each region of the country. The duration of this campaign, as a rule, is at least 180 days. During the subscription campaign, applications are accepted for an acquisition of shares from unlimited range of investors.

The sale of shares through IPO and SPO is carried out at prices offered by the investor by taking into account the priority of the highest bid price.

It is also important that the unsold portion of shares through IPO and SPO is purchased by the organizer, usually at a quoted price determined by the stock exchange.

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