For the record :

Joint stock companies in the Kyrgyz Republic can be either “open” or “closed“.

A closed joint stock company is one where the shares may only be distributed among its founders (or within another “predetermined” group). A closed joint stock company may not offer shares to an unlimited group of persons – for example to float on a stock exchange. The number of shareholders is limited to 50. Shareholders have a preemptive right to purchase shares offered for sale by other shareholders.

An open joint stock company is one in which the participants may dispose of their shares without the consent of other shareholders. An open joint stock company may carry out an open subscription to the shares it issues and may freely sell them on conditions established by legislation. An open joint stock company that has 500 shareholders or more and has carried out at least one public/open placement of securities must annually publish in the media an annual report on its financial and business performance.