Singaporean company acquired 20% stake in the charter capital of Khorazm Shakar JV OJSC. The sum of deal was not disclosed.

Khorezm Sugar Plan was commissioned in 1998. The cost of the plant is US$83.25 million. Preliminary plant was designed for processing sugar-beet, which was planned to plant in Uzbekistan. The capacity of the plant was 3,000 tonnes of sugar-beet a day. But low crop pushed to conserve the plant.

Shakar Investment, an Uzbek-Austrian-US joint venture, carried out project on transfer of the capacity to processing of cane sugar with the cost of US$2 million in 2002. Currently, the plant can process 1,000 tonnes of cane sugar a day.

In March 2006, Austria’s SEID Нandelsgesellshaft mbH acquired 99.43% state shares of Khorazm Shakar OJSC for US$17.6 million. Other 0.57% share belongs to individuals and management of enterprise.

Khorazm Shakar increased sugar production by 8.2% year-on-year in 2009 to 275,134 tonnes.

Khorazm Shakar’s shareholders adopted decision to pay dividends for 9,002.8 soums per ordinary share with par value of 10,000 soums.

The shareholders decided to direct 11.506 billion soums (85.3% of net income) to pay dividends, 1.278 billion soums (9.5%) to pay taxes on dividens and 710 million soums (5.2%) to create reserve fund.

Assets of the enterprises increase by 13.4% to 153.8 billion soums in 2009, including turnover funds rose by 12.6% to 127.4 billion soums and liabilities grew by 10.2% to 78.5 billion soums.

The charter capital of Khorazm Shakar made up 14.2 billion soums, which comprises of 1.42 million ordinary shares with par value of 10,000 soums.