General shareholders’ meeting of the company adopted decision on reorganization on 24 December 2009. Ministry of Justice of Uzbekistan approved the decision on 5 July 2010.

In line with the company’s announcement, Samarkand Lift Construction Plant, Uzbek-Russian joint venture in form of open joint stock company, is assignee of the company on its rights and liabilities. The venture receives all claims from creditors within a month.

In January 2007, Peresvet Invest (Moscow), one of the largest realtors in Russian market, purchased 75% stake of Samarkand Lift Construction Plant for US$1.3 million. Russian company became the winner of the tender, announced by the State Property Committee of Uzbekistan in August 2006.

In line with sale agreement, the Russian company undertook investment obligations for US$7.5 million within five years to develop enterprise. In particular, it was planned to modernize and expand capacity of the plant on production passenger and freight lifts.

In line with the report of the company’s report for 2009, the commission on accepting investment liabilities adopted decision that Peresvet-Invest fully implemented its investment liabilities. The commission ordered Vaqt National Depository to release a blocked Depo account of the Russian firm for 75% shares at Samarkand plant.

Samarkand Lift Construction Plant was commissioned in 1975. Its capacity is 7,000 cargo, ship and passenger lifts a year.