RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of April 14, 1998 No. 3676

About transformation of the state companies and sale of subjects to privatization

For the purpose of implementation of resolutions of the President of Turkmenistan of August 20, 1997 "About some measures for privatization and privatization of objects of state-owned property" and of January 14, 1998 No. 3490 "About measures for incorporating industrial enterprises in Turkmenistan" I decide No. 3322:

1. Approve the transformations of the state companies to joint-stock companies enclosed Regulations on procedure and Regulations on procedure for placement of the state blocks of shares.

2. Determine that body, authorized to represent the interests of the state concerning state-owned property of Turkmenistan, the Ministry of Economics and finance of Turkmenistan is.

3. And finance of Turkmenistan to provide to the Ministry of Economics transformation of the state companies and their separate divisions, privatizeable, in joint-stock companies or partnerships.

4. Subjects to privatization are:

the blocks of shares of the joint-stock companies which registered issue in stipulated by the legislation procedure being in state-owned property and shares in partnerships;

the state companies as property complexes, and also their isolated production and non-productive structural divisions which privatization will not break the closed production cycle of production;

separate types of state-owned property, including objects, and also separate types of property of the state companies which are not completed by construction in case of their liquidation.

5. Founder of the joint-stock companies or partnerships created according to the procedure of transformation of the state companies and their separate divisions, and the holder (which are in state-owned property of their blocks of shares (shares) is the state on behalf of the Ministry of Economics and finance of Turkmenistan.

6. To the Ministry of Economics and finance of Turkmenistan:

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