How dividends are declared and paid in Uzbekistan

A dividend looks simple: the company makes a profit and sends part of it to its shareholders. In practice a sequence of decisions and dates sits behind every payment, and the dates decide whether you receive the money. This guide follows that sequence as the Law «On joint-stock companies and protection of shareholders' rights» sets it out, shows a timeline with illustrative dates, and explains what to do when a payment does not arrive.

All legal rules below come from the text of the law published on lex.uz, in the edition current as of 28 September 2026. A company's own charter can add details, so always read the dividend decision of the company you hold.

What a dividend is under Uzbek law

Article 48 defines a dividend as the part of a company's net profit distributed among shareholders. Three points matter to an investor:

• A declared dividend is an obligation. Once the dividend is declared for a type of share, the company must pay it.
• The form can vary. By decision of the general meeting a dividend can be paid in money, in other lawful means of payment or in the company's own securities. Dividends on preferred shares may not be paid in securities.
• It is shared in proportion. Each shareholder receives an amount in proportion to the number and type of shares held.

Under Article 51, dividends come from the net profit left at the company's disposal and/or retained profit of previous years. Preferred shares are paid first, then ordinary shares. Our guide to preferred vs common shares explains why that order matters.

Who decides, and when

The supervisory board recommends. Under Article 50, the general meeting decides the dividend, its size, form and procedure for each type of share on the supervisory board's recommendation, based on audited financial statements. The meeting cannot vote for more than the board recommended, but it can vote for less or decide not to pay on certain types of shares.

The meeting decides. Most dividends are decided at the annual general meeting, which Article 58 requires within six months after the end of the financial year. Article 49 also allows decisions on interim results: for the first quarter, the half year and nine months, taken within three months after the end of that period.

The decision must name the dates. Article 50 requires the decision to state the start and end dates of the payment. Companies in which the state holds 50% or more and which place shares through a public offering must direct at least 30% of net profit to dividends for at least seven years, subject to limits set by other laws.

Shareholders are told. The company must send the decision by SMS and/or email within 15 days where the register holds a phone number or email address (Article 50), and publish the dividend size, before tax, on its website and the securities regulator's website (Article 55). Decisions also appear on openinfo.uz, the unified corporate information portal.

The register date: who gets paid

Article 52 says the dividend goes to the people recorded in the register of shareholders formed for the general meeting that took the dividend decision. Under Article 61, that register is formed three working days before the date of the meeting, and Article 62 requires the meeting notice, published 21 to 30 days in advance, to state the date on which the register is formed.

So what matters is not whether you own the shares on the meeting day or the payment date, but whether your ownership was recorded on the register date.

When you buy on the Tashkent Stock Exchange (UZSE), your purchase is not recorded straight away. Trades settle two business days after the trade date (T+2), and only then do the shares appear on your depo account. Our guide to UZSE trading hours and T+2 settlement explains settlement and how the exchange sets the ex-dividend date, the first day on which a buyer no longer receives the declared dividend.

A worked timeline

The dates and amounts below are illustrative, not those of any real company.

Suppose a company's notice says the annual meeting will be held on Thursday 19 June and the register will be formed on Monday 16 June, three working days earlier. The board recommends a dividend of 500 soʻm per ordinary share.

• A trade you make on Thursday 12 June settles on Monday 16 June. Your shares are recorded in time and you are on the list.
• A trade you make on Monday 16 June settles on Wednesday 18 June, after the register is formed. The seller, not you, receives this dividend.
• On 19 June the meeting approves 500 soʻm per share and sets the payment period. The law requires payment no later than 60 days after the decision (Article 51), so in this example by 18 August at the latest.

If you hold 1,000 shares on the register, the declared amount is 1,000 × 500 = 500,000 soʻm before tax. Tax is withheld at the source before the money reaches you, and our guide to tax on dividends and bond coupons explains the rates and exemptions.

A share often trades lower once buyers no longer receive the dividend, because that money is leaving the company. Buying just before the register date to collect a dividend is not free money.

How the money reaches you

Article 51 says dividends are paid automatically through the Central Securities Depository or investment intermediaries to the shareholder's existing bank account, and the company may not require an application. Two things are worth checking:

• Your bank details. Make sure your broker and the depository hold a current bank account for you. A payment cannot reach a closed bank account.
• Your contact details. The SMS or email notice reaches you only if the register holds your phone number or email.

When a company may not pay

Article 54 forbids a company to declare or pay dividends:

• before its charter capital has been fully paid at incorporation;
• if it shows signs of insolvency at the time of payment, or would show them as a result of paying;
• if the value of its net assets is less than its charter capital plus reserve fund.

When these circumstances end, the company must pay the dividends it declared. A dividend is only as safe as the profit and cash behind it, which our guide to the dividend payout ratio covers.

If a dividend is late

If the company, through its own fault, does not pay within the period set by the general meeting, Article 53 provides a penalty on the unpaid amount, calculated from the Central Bank's refinancing rate and capped at 50% of the unpaid dividend. The shareholder may claim the dividend and the penalty in court.

Before that, check the payment dates in the decision on openinfo.uz, ask your broker whether the payment arrived and your bank details are current, and then write to the company quoting the decision and the shares you held on the register date.

Where Finmind helps

The public payout calendar on Finmind lists upcoming dividend and coupon payments with their dates, and each stock page shows a company's price history, so you can see how the price behaved around past dividend dates.

This article is for education only and is not investment advice. Investing in securities involves risk, including the loss of money you invest.