Turkmenistan to Transform Its State Exchange Into Joint Stock Company

BUSINESS TURKMENISTAN
Turkmenistan to Transform Its State Exchange Into Joint Stock Company
The part of shares of the Exchange is proposed to be sold to members of the Union of Industrialists and Entrepreneurs of Turkmenistan through Ashgabat Stock Market.

During a Cabinet of Ministers meeting on Friday, Deputy Prime Minister Chary Gylyjov reported on practical measures to transform the State Commodity and Raw Materials Exchange of Turkmenistan (SCRMET) into an open joint-stock company, TDH news agency reports.

In order to implement the Strategy of improvement of activity of the SCRMET in 2020 – 2025, a proposal to change its organizational and legal status was submitted to the President of Turkmenistan Gurbanguly Berdimuhamedov.

Taking into account that the main activity of the Exchange is the export of domestically produced products, the proposal offers the participation of export-oriented manufacturers as shareholders. Also, the part of the shares is proposed to be sold to members of the Union of Industrialists and Entrepreneurs of the country through Ashgabat Stock Market, according to the report.

Following the Deputy Prime Minister’s report, Turkmen President noted the important role of the SCRMET in the implementation of the country's Program of socio-economic development for 2020-2025.

President Berdimuhamedov noted that in world practice the organizational and legal form of such structures is formalized mainly in the form of joint-stock companies and successful execution of planned measures would allow achieving significant increase of transactions at the SCRMET and its income.