Tashkent, Uzbekistan (UzDaily.com) — Beelab, the operator of the Beepul payment service, has been transformed into a joint-stock company.

As part of its first stock issuance, the company has issued 176,500 shares with a nominal value of 100 soums each, which were allocated through a private subscription.

The decision to reorganize was made by Beelab’s management in June, and all shares will be transferred to the company’s sole founder.

It is worth noting that starting from 1 July, under a presidential decree, all payment organizations and services in Uzbekistan are required to operate as joint-stock companies (JSC). Additionally, the minimum charter capital for such services has been increased to 10 billion soums