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Kyrgyzstan Review, 10 years ago

[04.03.2OO2] 418 companies in Kyrgyzstan underwent bankruptcy procedure in 2OO1

Kyrgyzstan's State Committee on Public Property Management and Direct Investment has held a meeting to discuss the last year progress. First Deputy Chairman of the Committee, Azizbek Madmarov, has made a report.

In 2001, some 418 companies in Kyrgyzstan underwent bankruptcy procedure. The processes are over in some 96 of them. As of January 1, altogether 333 companies are in the bankruptcy process. Some 71 new legal entities have been created as part of the restructuring process. In all, corporate assets worth 101 million soms have been sold, whereas their ratable value is 173.5 million soms
The privatization has been expected to yield some 360 million soms; actually the gain was 393.5 million soms, or 9.3% higher than the forecast. From these gains, some 363.1 million soms have been allocated to the republican budget; 14.7 million soms to local budgets; and 5.9 million soms to the State Enterprise Development Commission
Some 70% of state-run companies and agencies have been privatized during the privatization process to date.
As of January 1, 2002, some 6,922 objects have been restructured since the beginning of privatization, or 69.35% of state-run companies and agencies registered by January 1, 1991. some 88 objects were privatized last year including one incorporation; one open limited liability company; two leases involving further purchase; 8 sold through auctions; 20 sold to staffs; 56 sold to private persons. Some 11 money auctions have been arranged to sell state interests of some 33 joint-stock companies; shares of two of them have been sold: 21.6% of Osh Oblustuk Basmakanasy JSC and 33.66% of Karakol Basmakanasy. Shares of 18 objects and property complexes of recreation and tourist facilities worth 18.7 million soms were sold last year. State blocks of shares of two joint-stock companies 95% of Kyrgyzspetsstroimontazh and 70.88% of Munaikurulush have been handed over to individual companies for trust management.
Kabar, March 4, 2002

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