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NovaPort Microcap Fund (AX) Risk - Yahoo Finance

Uzbekistan could turn down Novaport's airport modernization offer The Russian Novaport Holding may be refused a project to modernize and develop the airports of Samarkand, Namangan and Urgench, Kommersant said.

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Uzbekistan and Novaport signed an agreement on the project at the end of May It was reported that the holding does not claim a stake in the capital: it was a rather the matter of a concession. Novaport was expected first to renovate the Samarkand Airport, which in will host the summit of the Shanghai Cooperation Organization, with extended timeline given for the Novaport trading of Namangan and Urgench airports: about five years.

According to Kommersant, negotiations between the Uzbek authorities and Novaport on the airports reconstruction have reached an impasse.

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The government was not willing to provide a years concession, as requested by the investor. It is reported that the last meeting on the project took place about two months ago, and negotiations stalled on the issue of the concession duration. Kommersant noted that the Japanese companies had an upper hand in terms of technology and access Novaport trading foreing finance.

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The national airline of Uzbekistan controlled all the country's airports until the end ofwhen President Shavkat Mirziyoyev signed a decree on splitting the company into Uzbekistan Airways and Uzbekistan Airports for airport management. The project will be implemented as par

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