Gov't decree: State shares of JSC Angren Pack will be sold at zero value to a Russian enterprise

A government decree “On measures for the restoration of manufacturing paper products and modernizing the industry on the basis of JSC Angren Pack in the Tashkent region” has been adopted, the Justice Ministry reported.

According to the resolution, 25% of state-owned share in the charter capital of JSC Angren Pack will be sold to the Russian Nikol Pak UK at zero redemption value with the following investment obligations:

• In phase 1 - investing at least $25 million and organizing the reconstruction and modernization of paper products on the basis of JSC Angren Pack in 2019-2020;
• In phase 2 - investing at least $25 million and organizing the production of 6,0 million square meters of bitumen, roofing and waterproofing materials per year in 2020-2021;
• In phase 3 - investing at least $25 million and organizing the production of 300,000 cubic meters of extrusion polystyrene per year in 2020-2021.