(3.4.5) Company passport

1.   Summary 

Legal Address 100147, Tashkent, Tursunkhodzhayeva St., 2a
Bank Details Chilanzar Uz PSB

a/c 20210000900124345001

Dollar account 20210000100124345008

MFO 00427 INN 200837344 OKONH 61124



Authorized Fund 7 348 680.0 thous. Uzbek sums
Number of shares 2 041 300 shares
Stocks at par 3 600 Uzbek sums
Share fraction for free sale 75 %
UzSAMA 25 %


The investment project submitted for consideration is a detailed development plan of MAXSUSELEKTRTARMOQQURILISH JSC (hereinafter MAXSUS ETQ JSC) in 2016.

The main task of the management is to maximize its efforts in order to create a modern and dynamic company out of MAXSUS ETQ JSC that can successfully compete on the national market with local and foreign companies.

The strategic goal of the enterprise: sustainable growth of the value of JSC «MAXSUS ETQ» and the welfare of shareholders, through the introduction of a modern business management system, which includes all aspects of activities, balancing the interests of consumers, suppliers, managers of all levels and the workforce

In order to successfully operate MAXSUS ETQ JSC, the Executive body of MAXSUS ETQ JSC plans to attract foreign investments in 2016 for the modernization of the enterprise, renewal of the machinery and equipment park, through the additional issue and sale of ordinary registered shares in the amount of 15% of the authorized capital.


2.   Description of the enterprise

 2.1.   History of incorporation.

 The Joint-Stock Company «MAKHSUSELEKTRTARMOKKURILISH» was incorporated in 1995 by setting-up a structural unit «Specialized Construction and Installation Administration» based on «Sredazelektrosetstroy“ Trust of the Ministry of Energy of USSR, which was, in turn, established in 1963 to construct the power lines and electrical substations in the Central Asia and Kazakhstan. In these intervening years the company set up the required infrastructure to construct overhead power lines, it gained the industry-specific experience and enhanced qualification of its personnel at production areas.

The Joint-Stock Company «MAKHSUSELEKTRTARMOKKURILISH» was incorporated to comply with the Order 111K-ON of the State Property Committee of the Republic of Uzbekistan dd. 11.04.1995 and registered upon the Decision No 51 of the Mayor for Khamza district of Tashkent city dd. 09.01.1996.

2.2.   Information about the owners.

JSC «MAXSUS ETQ» has the organizational and legal form of a joint stock company, whose corporate governance is regulated by the Laws of the Republic of Uzbekistan «On joint stock companies and protection of shareholders ‘rights» and «On protection of investors’ rights in the securities market», in accordance with the Charter.

Composition of shareholders 




Name of legal entity and full name of individuals

Share in the authorized fund
%         of         the authorized fund Quantity, pcs.
Legal entities
1 UzSAMA 25 510 324
2 Special PMNPO 1,8 36 308
3 Makhmudova G.Kh. 51 1 046 264
4 Other shareholders holding less than 5% shares 22,2 484 712
Total 100 2 041 300


Organizational and legal structure

 JSC «MAKHSUS ETK» comprises of the Head Office, 4 production areas with no permanent location (Construction and Assembly Works to install Overhead Power Transmission Lines are performed at Area 1 and Area 2; Area 3 is the section of civil works at substations; Area 4 is the site for drilling and blasting operations).

The Head office for JSC «MAKHSUS ETQ» is located at the address: Tashkent, Tabassum Street,


2.4.   Management.

The corporate management system consists of the following governing bodies:

General meeting of shareholders – the supreme governing body; Supervisory Board;

Review Committee;

The sole executive body legally represented by the Director.


Supervisory Board for JSC «MAKHSUS ETK» is formed by 5 members:

 Abdiraxmanov D . — Retired; Maxmudova G.X. — Retired;

Muzafarov X.A. — OOO «OLMOZ ELECTRONICS», accountant;

Bijanova N.V. — Individual entrepreneur;

Teshabaev D.T. — Tashkent State Assets Management Agency, Head of Department.


Executive body

 Usmanov Zafar Haydarkulovich, Director for JSC «MAKHSUSELEKTRTARMOKKURILISH» since July 25, 2020

Main managers of the enterprise

 Deputy Director for General Affairs-Abdulazizov Pulat Gaffarovich

Chief Engineer-Tilavov Olim Akhatkulovich

Chief Accountant-Lena Konstantinovna Bystrova


2.5.  Personnel

Average personnel capacity as amounts to 133 employees:

Workers and non-operational personnel – 66; Engineering staff – 67.

2.6.   Financial indicators for the last 5 years

(bln UZS)


2016 2017 2018 2019 2020
Volume of construction and installation works  

9 100 000


10 465 000


12 034 750


13 839 963


15 915 957

Net profit 87 718 271 946 502 725 757 875 1 041 050


3. Main activities.

 Since its establishment, JSC «MAXSUS ETQ» is a specialized contractor, whose main activity is the construction of high-voltage power transmission lines and substations with voltage from 35 Kv to 750 Kv.

According to the Charter, the main activities of the Company are:

The company also carries out the following activities:

The Company may engage in any type of activity that is not prohibited by law and is not specified in the Articles of Association in accordance with the procedure established by law.


Purpose and scope of application

 All the objects where construction and installation works were carried out or will be carried out are of great importance for our Republic. They will contribute to the improvement of the energy system of the Republic of Uzbekistan.

Permit issued by the Agency for Supervision of Safe Conduct of Work in Industry and Mining Supervision of the Republic of Uzbekistan No. 089-R / PR dated 26.10.2010. valid until 26.10.2015 for the right to conduct activities for the construction of high-risk facilities and potentially hazardous production facilities (31.12.2015 Gosarchitectstroy has decided to issue and extend the license period).

PM license No. 0101 dated 09.12.2014 for drilling and blasting operations with a validity period until 28.12.2019.

License US No. 006290 of 16.04.2010 (indefinite) for wholesale trade.


4.    Marketing


4.1.   Analysis and segmentation of goods and competitors market.


The analysis of the current market of specific construction technologies brings us to the conclusion that four companies only are the key market players to provide high-voltage power line construction services, namely:


All these companies are established through restructuring of the Ministry of Energy of the USSR in 1995 and are privatized enterprises.

Of which, only two companies are specialized in construction 220-500 kV transmission lines. These are JSC «ETK» and JSC «MAKHSUS ETK». In the meantime, only JSC «MAKHSUS ETK» is specializing in construction of high-voltage power line in hard-to-reach areas. It suggests the minimal likelihood of indecisive pattern of project implementation by market players.


4.2.   Consumers and competitors

 JSC «MAKHSUS ETK» performs at the market that is the energy industry sector. Currently, all the entire territory of the Republic of Uzbekistan is electrified. However, given that all the existing transmission lines were constructed in the 60s of the last century, today we are in urgent need of full or partial (at least 50%) replacement.

Moreover, certain overhead power lines pass through the neighboring countries which result in some difficulties in power transmission.

Peculiarity of this market involves the limited number of customers and consumers. The unitary enterprise «Uzelektroset“ acts as the major customer and the consumer in this given market of high voltage power supply plant on power transmission that is the member of JSC «Uzbekenergo“.

The other clients and customers of JSC «MAKHSUS ETK» are as follow:

JSC «Uzavtoyul» — transfer of power lines during construction of the new road or its reconstruction/repair;

Ministry of Agriculture and Water Resources of the Republic of Uzbekistan, construction of substations for pump houses;

Joint-stock Railway Company “Uzbekistan Temir Yullari“, construction of power lines to tracking substations, relocation of power lines during construction of the new railway road or its reconstruction/repair.

The Company mainly performs to provide services for JSC «Uzbekenergo». Currently, this is not sufficient for the winning promotion. And, therefore, the market should be further reviewed to increase the corporate productivity for the purposes to seek new customers and consumers.

4.3.   Analysis of the company’s strengths and weaknesses, opportunities and threats. (SWOT) 


 1.      The infrastructure for the construction of overhead power lines has been created;

2.      Experienced workers in production areas.

3.      Availability of the state order.

4.      Positive image among consumers and suppliers.

5.      Steady growth in turnover and net revenue

6.      The tendency to improve the financial condition of the enterprise, increase the solvency, financial independence and stability.

7.      Increase in earnings per 1 share.

8.      Improving the profitability of the enterprise.

9.      Improving labor productivity.


 1.      The management of the enterprise is mainly focused on the production process.

2.      Narrowly focused specifics of the enterprise. Basically, the company operates due to the volume of work provided by JSC » Uzbekenergo».


 1.      Lack of strong competitors with a controlling influence on the market

2.      The growth of the market size when the state attracts loans from international financial institutions on favorable terms.

3.      The opportunity to introduce your own brand in a competitive market.

4.      The existing market allows JSC «MAXSUS ETK» to achieve significant competitive advantages when implementing modern business principles.

5.      The introduction of corporate governance principles and the creation of a positive image of MAXSUS ETK JSC among investors may allow attracting financing, including foreign investments.

6.      Business development in Kazakhstan, Kyrgyzstan.


 1.      Possible emergence of new local companies in the market.

2.      When the market size increases, there is a high probability of a foreign company entering the market.

3.      The presence of a small number of customers and consumers in the market, due to the specificity of the activities of JSC «MAXSUS ETK».

4.      Production risk.


The risk that can have a negative impact on the project is the production risk. I.e., the risk associated with an increase in the prices of transportation, energy, labor, which, ultimately, will affect the cost of production. A measure to reduce the impact of this risk can be the fact that the above components have a relatively low share in the structure of production costs. It is also a positive factor that the company carries out a sufficiently efficient production activity, the income from which will guarantee the timely repayment of payments and the creation of an optimal stock of components. The probability of a decrease in sales prices in the near future is low. The availability of a sufficient amount of raw materials, a highly prepared production infrastructure, modern technology and equipment, and qualified personnel make the chances of project feasibility high.

4.4.   Provision of materials and components.

 MAXSUS ETK JSC purchases the necessary materials for construction and installation works independently according to the estimated documentation approved by the customer.

In the construction of power lines, metal supports are used, consisting of various profiles of metal structures, most of which (up to 80%) are not produced at the APO » Uzmetkombinat». For this reason, the company is forced to buy rolled metal products abroad.

Insulators and coupling fittings are also not produced on the territory of Uzbekistan, but are purchased in the CIS countries.

The main manufacturing plants are the South Ural Reinforcement and Insulator Plant (Russia) and the Lviv Insulator Plant (Ukraine). The company receives the foundation for supports, wire, cable and other materials from local enterprises.

The main suppliers of wire in Uzbekistan are JV «Deutschekabel», DP LLC «Pakhtakabel», JSC JV » Andijankabel».

As suppliers of reinforced concrete products, Concrete products-1 and Concrete products-2 are preferred. The main positive point when working with them is the possibility of using the schemes used by SAC » Uzbekenergo».

5.   Financial plan for 2021.

Forecast balance                                                            (thousand soums)


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