KPMG has been selected as the IPO consultant for major Uzbek companies, the likes of Uzbekneftgaz, Olmaliq MMC, Navoiy MMC and 10 banks.
KPMG will be engaged as a strategic consultant in the implementation of the so-called people's IPO based on the principle of one share - one lot in 40 state-owned enterprises, the State-Owned Assets Management Agency said.
Reportedly, bids were received from 4 local and international consulting companies.
The company was awarded the strategic consultant role for the people's IPO implementation strategy and coordination of the whole process, due to the company portfolio including high-level projects, the personnel qualification and the most reasonable price offer.
Note: KPMG received a license to perform asset valuation activities in Uzbekistan in 2020. The company was involved in the privatization of Hyatt Regency Tashkent, Syrdaryo Vino, Fergona Oil Refinery, Urganch Wine, Konvin, Mastona, Nukus Vino, Fergonazot.
In March, the president signed the Additional measures to reduce state’s participation in the economy Decree, which approved the list of stock packages (shares) of 1001 enterprises that were to be fully sold through public auctions.
The list included enterprises that are subsidiriaries of Uzbekneftgaz, Uzbekistan Railways, Uzavtosanoat, Uzkimyosanoat, Navoiyazot, Olmaliq MMC, Uzmetkombinat, Uzdonmahsulot, Regional Electric Networks, Hududgaztaminot, Issiqlik Elektrstansiyali, Uzbekistan MET, Uzbektelecom, Uztransgaz, Uzbekgidroenergo, NBU .
Also, it was planned to sell stock packages of 40 enterprises through public auctions in accordance with the principle of one share - one lot as part of a people's IPO.