State Enterprise "Ala-Too Resort" becomes a Joint Stock Company. The company stated the reason.

The Cabinet of Ministers on October 6, 2025, approved resolution No. 638 "On certain issues of the implementation of the state project 'All-Season Mountain Cluster 'Ala-Too Resort'."

The State Enterprise "Ala-Too Resort" under the Administration of the President of the Kyrgyz Republic will be reorganized into an **Open Joint Stock Company (OJSC)**, with 100% of the shares remaining in state ownership. The new OJSC will become the legal successor of the state enterprise for all rights and obligations.

As reported by the company, the transformation of the State Enterprise into an OJSC offers a number of advantages:
1. The practice of state assets operating in the form of joint stock companies (OJSC "RSK Bank (Eldik)", OJSC "Ayyl Bank", OJSC "Alfa Telecom (Mega)") demonstrates the sustainability of the corporate model and its ability to ensure profitability and dividends for the state.
2. Consistent implementation of similar clusters will allow the newly created OJSC to accumulate practical experience and form a professional team.
3. The OJSC will be able to attract funds not only through budgetary financing but also through market mechanisms — bank loans secured by its own property, issuance of bonds, attracting investors through the sale of shares, etc., which provides an opportunity for cooperation with international financial organizations, tourism development funds, and other sources of extra-budgetary financing.
4. In the form of an OJSC, the enterprise will be able to enter into joint ventures to implement individual cluster objects (hotels, service companies, etc.) or create subsidiaries (which is impossible for a State Enterprise).

The company noted that the "Ala-Too Resort" cluster holds the status of a priority state project, implemented under the direct supervision of the head of state and with the involvement of international experts.

Background

The project was initially named "Three Peaks." The ski resort will be built on the peaks of Zhygalan, Ak-Bulak, and Boz-Uchuk in the Ak-Suu district of the Issyk-Kul region.

The total area is **9,684 acres** (3,918 hectares):
Zhygalan **4,023 acres** (1,628 ha),
Ak-Bulak **3,324 acres** (1,345 ha),
Boz-Uchuk **2,335 acres** (945 ha).

The first cable car in the Zhygalan section will be completed next July. Thus, the first phase (Zhygalan) with ski slopes will be commissioned in November-December 2026. The second phase (Ak-Bulak) construction will be completed in 2027, and the third phase (Boz-Uchuk) will be completed in 2028, after which the slopes of all three mountains will be connected, and the resort will operate at full capacity.

Funds for the construction of the first phase (Zhygalan) were allocated from the state budget.

The remaining two phases (Ak-Bulak and Boz-Uchuk) will be built with funds obtained from the sale of land, to avoid burdening the budget.

Source: https://www.tazabek.kg/news:2348594

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