In accordance with the Article 58 of the Law of the Republic of Uzbekistan “On Joint Stock Companies and Protection of the Rights of Shareholders”, in a company, all ordinary shares of which are owned by one shareholder, general meetings of shareholders are not held. Decisions on the matter attributed by this Law and the charter of company to the competence of general meeting of shareholders are taken by such a shareholder solely and are subject to execution in writing. At the same time, the provisions of the Chapter 7, which determine the procedure and terms for preparing, convening and holding a general meeting of shareholders, do not apply.
Due to the fact that 98.81 percent of ordinary registered non-documentary blocks of shares issued by the “Almalyk MMC” Joint Stock Company in the amount of 749,257,532 pieces belong to the sole shareholder of the company – the State Assets Management Agency of the Republic of Uzbekistan, in accordance with the requirements of the above Law and the Charter of the Company, the general meeting of shareholders of the company is not held. Decisions on issues related to the competence of general meeting of shareholders are taken solely by the sole shareholder of the company and are executed in writing.