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Development of private companies in Uzbekistan on the basis of international standards is in the focus of European media

An article titled “Artel Electronics LLC has become the largest private company to place bonds on the Tashkent Stock Exchange” was published on the website of Europe’s leading online publication EU Reporter.

The article notes that on June 10, Artel Electronics LLC, a leading manufacturer of electronics and home appliances in Central Asia, placed a three-tranche issue of 30 billion soums ($ 2.71 million) with a maturity of 12-18 months. (TFB) quarterly payments.

“The bond issue is Artel’s first activity in the capital markets, both domestically and internationally. A wide range of investors participated in the issue, which had a large number of subscriptions.

It was reported that after large-scale tax reforms in Uzbekistan in 2019, which removed the restrictions on the size of enterprises, private companies were able to merge their subsidiaries into holding groups. This has enabled them to master international standards of corporate governance and accounting practices, as well as make wider use of various forms of finance locally and internationally.

At the beginning of 2022, a presidential decree was issued in Uzbekistan, which introduced tax incentives to encourage investment in domestic capital markets.