Ahangarancement transformed into an LLC, all shares to be annulled

Shareholders of Ahangarancement JSC have approved the company's reorganization into a limited liability company (LLC). The decision was first reported by the Telegram channel “CorpInfo.” The resolutions were adopted during a general shareholders' meeting held on November 21, 2024, with the changes officially registered on November 22, 2024.

The transformation was unanimously backed by shareholders, with 99.3% of votes — amounting to 4,884,143 — cast in favor.

The new LLC assumes all obligations and rights of the former JSC. Vitaliy Ilyin Olegovich, who previously held the same position, was appointed as General Director. His contract is effective from November 22, 2024, through March 2027.

Additionally, it was decided to annul Ahangarancement’s shares and withdraw them from circulation after settlements with shareholders are completed.

Financial performance

Ahangarancement recorded a loss of 220.8 billion UZS for the first three quarters of 2024, a stark contrast to its nearly 60 billion UZS profit during the same period in 2023.

Key reasons for the losses: 

1. Increased production costs: Expenses rose from 599.9 billion to 660.8 billion UZS.
2. Decline in gross profit: Dropped nearly tenfold, from 298.9 billion to 28.1 billion UZS.
3. Operating expenses: Totaled 91.4 billion UZS.
4. Financial costs: The company incurred 14.5 billion UZS in foreign exchange losses and paid 19.1 billion UZS in interest.

In January 2022, USM Holdings, owned by Alisher Usmanov, acquired Ahangarancement through its subsidiary Akkerman Cement, purchasing 98.4% of the plant’s shares for 1.9 trillion UZS, a record for the stock exchange.

In 2023, Akkerman Cement, its Uzbek subsidiary, and Ahangarancement faced U.S. blocking sanctions. To lift these restrictions, a working group led by Deputy Prime Minister Jamshid Khodjaev was established.

In 2024, the company delisted its shares from the stock exchange, removing them from the "Transit" category of the listing.