The sole shareholder - the owner of a 100% stake in JSC "Uzavtosanoat" is the Agency for Strategic Reforms under the President of the Republic of Uzbekistan.
Conditions and procedure for the acquisition of shares by a joint-stock company in accordance with the Law "On joint-stock companies and protection of shareholders' rights"
Article 40. Acquisition of shares at the request of shareholders
Shareholders - owners of voting shares are entitled to demand redemption by the company of all or part of the shares owned by them, if they voted against or did not participate in the vote for valid reasons when the General meeting of shareholders decided on:
reorganization of the company;
consolidation of placed shares;
the conclusion of a major transaction related to the acquisition or disposal of property by the company (hereinafter referred to as the “major transaction”) in accordance with parts two and three of article 84 of this Law;
making amendments and additions to the company's charter or approval of the new edition of the company's charter, restricting their rights.
The list of shareholders entitled to demand redemption by the company of shares owned by them is compiled on the basis of data from the register of shareholders of the company entitled to participate in the General meeting of shareholders, the agenda of which includes issues on which voting in accordance with this Law may give rise to the right to demand redemption of shares.
The company shall repurchase shares at the market value of these shares, determined without taking into account its changes as a result of the company’s actions, which entailed the emergence of the right to demand shares repurchase.
A person who has become the owner of 50 or more percent of the shares of a company is required to announce an offer to the owners of the remaining shares to sell shares at market value within thirty days if the person had not owned shares or owned less than 50 percent of the shares of the company. In the event that within thirty days from the day of the written consent of the shareholder on the sale of shares owned by him, the owner of 50 or more percent of the shares of the company must buy these shares.
Article 41. Procedure for the exercise by shareholders of the right to demand redemption by the company of their shares
The company is obliged to inform the shareholders of their right to demand redemption by the company of their shares, the price and procedure for the repurchase.
Notification to shareholders of a General meeting of shareholders, including issues on the agenda, voting on which in accordance with this Law may give rise to the right to demand redemption of shares by the company, should contain the information specified in the first part of this article. Information on the existence of the right to demand redemption by the company of shares from shareholders who do not have the right to participate in the General meeting of shareholders, and the procedure for exercising this right shall be sent to them no later than seven days from the date of the decision, which entails the emergence of the right to demand redemption of shares by the company.
A written request of a shareholder for the repurchase of shares owned by him/her shall be sent to the company indicating the shareholder's place of residence (location) and the number of shares, the repurchase of which he/she requires.
Written demands of shareholders on the redemption by the company of shares owned by them should be presented to the company no later than thirty days from the date of adoption of the relevant decision by the General meeting of shareholders. At the end of the specified period, the company is obliged to redeem shares from shareholders who have submitted redemption requirements within ten days.
The company shall repurchase shares at the price indicated in the notice of the General meeting of shareholders, including issues on the agenda, voting on which in accordance with this Law may give rise to the right to demand the company to repurchase shares. The total amount of funds allocated by the company for the repurchase of shares may not exceed ten percent of the value of the net assets of the company at the date of the decision, which resulted in the shareholders having the right to demand the repurchase of their shares, with the exception of cases of transformation of the company. In the event that the total number of shares in respect of which a buyback request has been submitted exceeds the number of shares that can be bought back by the company subject to the restriction established in this part, shares shall be redeemed from shareholders in proportion to the stated requirements.
Shares repurchased by the company in the event of its reorganization are canceled.
Shares repurchased by the company in other cases provided for in article 40 of this Law shall be at the disposal of the company. These shares do not provide voting rights, are not taken into account when counting votes, dividends are not accrued on them. Such shares must be sold no later than one year from the date of their repurchase, otherwise the General meeting of shareholders must decide to reduce the authorized capital (authorized fund) of the company by canceling these shares.