The State Assets Management Agency (SAMA) announced the sale of 100% of the government stake in Humo Air to a Swiss investment company ValleyRoad Capital S.A. The deal topped 27.2 billion soums (about $2.42 million).
While, ValleyRoad Capital has agreed to take on a number of obligations. In particular, by 2026, the investor must purchase 18 aircraft, including three by the end of the Q2 2023.
The launch of the first flights is scheduled in end-June next year. The buyer is obliged to launch new destinations "at the best prices", including on routes not served by other airlines.
At the initial stage, it is planned to launch 16 domestic flights and increase their number to 60 in the next five years.
Additionally, the investor must gradually update the fleet of aircraft for special (agricultural and national) aviation, hire skilled foreign and local staff with many years of experience in the aviation and management, and ensure that at least 80% of the airline’s employees are formed from among citizens of Uzbekistan.
The company takeover under the above terms will reportedly boost competition, ease the demand for domestic flights and offer cheaper prices.
