Uzauto Motors (formerly GM Uzbekistan) intends to conduct an IPO on the local and foreign stock exchange. "Preparing for an IPO will take about one and a half to two years . Call for bids has already been announced to attract an investment bank as an accompanying entity", the chief of strategic planning, analytics and development, Rustam Qodirov said at a press conference.
On January 1, 2019, Uzauto Motors was deprived of all tax wavers except for non-payment of VAT, effective from the moment the GM became shareholder and the rebranding in 2008, and from October 1 last year, the VAT waiver was also scrapped.
Note: By the July 18, 2019 presidential decree, additional measures were approved to boost the development of Uzbekistan’s automobile industry, providing for the increase in the production of cars to 350 thousand units, as well as attracting investors through an IPO.
