JOINT STOCK COMPANY «UZBEK METALLURGICAL PLANT» ANNOUNCES CHANGES IN THE COMPOSITION OF THE MANAGEMENT BOARD
Joint Stock Company «Uzbek Metallurgical Plant» (RSE: UZMK) (hereinafter referred to as JSC "Uzmetkombinat", the "Company") a leading producer of ferrous metallurgy products in Uzbekistan, announces changes in the composition of the Management Board.
On January 9, 2024, it was announced that Dilshod Tursunkulovich Akhmedov, First Deputy Chairman of the Board – Executive Director of the Company, was appointed to the position of Deputy Minister of Investment, Industry and Trade of the Republic of Uzbekistan. Starting from January 2021, Mr. Akhmedov actively contributed significantly to the development of the Company in the position of Executive Director; his energy and expertise were the foundation of many successful projects of the Company.
JSC «Uzmetkombinat» expresses great gratitude to Mr. Akhmedov for his work, wishes him further success in his new position, and highly appreciates his knowledge of the metallurgical and construction sector of the Republic of Uzbekistan. «We are convinced that his new appointment will allow to continue cooperation in important projects of the Company», - notes Rashid Khusanovich Pirmatov, Chairman of the Board and General Director.
Given the above changes, shareholders will be asked to consider and approve the new structure of the Management Board of JSC «Uzmetkombinat», as soon as possible. This will include the transfer of Garayev Roman Salimovich to the position of First Deputy Chairman of the Board. This is aimed at ensuring continuity of processes and implementation of the competence development strategy within the Company.
It should be noted that these changes are subject to approval, including by the Supervisory Board of JSC «Uzmetkombinat». It is expected that the necessary approvals will be received soon.
Note:
JSC Uzmetkombinat (JSC UZMK) is the leader of ferrous metallurgy in Uzbekistan, counting its history from 1944. Its manufacturing plant has an installed annual capacity of more than 1 million tons of rolled products and is implementing a large-scale investment program to increase capacity to 2.5 million tons per year during 2021-2025. The enterprise employs more than 11,000 people. Its products are sold in all regions of the country and are exported to various countries of the world, including Europe. More than 90% of the Company's shares are owned by the Uzbekistan state. A significant portion of the Company’s shares is traded on RSE "Toshkent". Common and preferred shares of the Company have the status of highly liquid.
Disclaimer
This release contains forward-looking statements that reflect the current views of JSC Uzmetkombinat management regarding future events. They are generally denoted by the words "expect", "anticipate", "intend", "estimate", "aspire", "plan", "will", "forecast" and comparable expressions, and usually contain information that refers to expectations or goals regarding economic conditions, sales revenue, or other criteria for the success of an enterprise. Forward-looking statements are based on current plans, estimates, and expectations within the current legal and regulatory environment and are therefore only valid as of the date indicated. Therefore, such statements should be considered with caution. Such statements are subject to numerous risks and uncertainties (such as those described in publications), most of which are difficult to estimate and are generally beyond the control of JSC Uzmetkombinat. Relevant factors include the consequences of prudent strategic and operational initiatives, including the acquisition or disposal of companies (interests in them) or other assets. If certain risks and uncertainties arise, or if the assumptions on which the statements are based prove incorrect, the actual results of JSC Uzmetkombinat may differ materially from those expressed or implied in these statements. Uzmetkombinat JSC cannot give any guarantee that expectations or goals will be achieved. Uzmetkombinat JSC, despite existing legal obligations, disclaims any responsibility for updating forward-looking statements to reflect new information or future events or other conditions or circumstances.
On January 9, 2024, it was announced that Dilshod Tursunkulovich Akhmedov, First Deputy Chairman of the Board – Executive Director of the Company, was appointed to the position of Deputy Minister of Investment, Industry and Trade of the Republic of Uzbekistan. Starting from January 2021, Mr. Akhmedov actively contributed significantly to the development of the Company in the position of Executive Director; his energy and expertise were the foundation of many successful projects of the Company.
JSC «Uzmetkombinat» expresses great gratitude to Mr. Akhmedov for his work, wishes him further success in his new position, and highly appreciates his knowledge of the metallurgical and construction sector of the Republic of Uzbekistan. «We are convinced that his new appointment will allow to continue cooperation in important projects of the Company», - notes Rashid Khusanovich Pirmatov, Chairman of the Board and General Director.
Given the above changes, shareholders will be asked to consider and approve the new structure of the Management Board of JSC «Uzmetkombinat», as soon as possible. This will include the transfer of Garayev Roman Salimovich to the position of First Deputy Chairman of the Board. This is aimed at ensuring continuity of processes and implementation of the competence development strategy within the Company.
It should be noted that these changes are subject to approval, including by the Supervisory Board of JSC «Uzmetkombinat». It is expected that the necessary approvals will be received soon.
Note:
JSC Uzmetkombinat (JSC UZMK) is the leader of ferrous metallurgy in Uzbekistan, counting its history from 1944. Its manufacturing plant has an installed annual capacity of more than 1 million tons of rolled products and is implementing a large-scale investment program to increase capacity to 2.5 million tons per year during 2021-2025. The enterprise employs more than 11,000 people. Its products are sold in all regions of the country and are exported to various countries of the world, including Europe. More than 90% of the Company's shares are owned by the Uzbekistan state. A significant portion of the Company’s shares is traded on RSE "Toshkent". Common and preferred shares of the Company have the status of highly liquid.
Disclaimer
This release contains forward-looking statements that reflect the current views of JSC Uzmetkombinat management regarding future events. They are generally denoted by the words "expect", "anticipate", "intend", "estimate", "aspire", "plan", "will", "forecast" and comparable expressions, and usually contain information that refers to expectations or goals regarding economic conditions, sales revenue, or other criteria for the success of an enterprise. Forward-looking statements are based on current plans, estimates, and expectations within the current legal and regulatory environment and are therefore only valid as of the date indicated. Therefore, such statements should be considered with caution. Such statements are subject to numerous risks and uncertainties (such as those described in publications), most of which are difficult to estimate and are generally beyond the control of JSC Uzmetkombinat. Relevant factors include the consequences of prudent strategic and operational initiatives, including the acquisition or disposal of companies (interests in them) or other assets. If certain risks and uncertainties arise, or if the assumptions on which the statements are based prove incorrect, the actual results of JSC Uzmetkombinat may differ materially from those expressed or implied in these statements. Uzmetkombinat JSC cannot give any guarantee that expectations or goals will be achieved. Uzmetkombinat JSC, despite existing legal obligations, disclaims any responsibility for updating forward-looking statements to reflect new information or future events or other conditions or circumstances.
