The unified republican processing center (Uzcard brand) has again become a private company, according to the data of the Unified State Register of Enterprises and Organizations, USREO.
Earlier in May 2020, the president’s son-in-law, Oybek Tursunov, became the owner of a 75% stake in the company. However, in August of the same year, he ceased to be on the list of founders of Uzcard, and a 75% share was transferred to five state-owned banks - the NBU (51%), Uzsanoatqurilishbank, Asaka Bank, Ipoteka Banku and Aloqabank (according to 6%).
In March 2022, as part of the program to reduce state’s participation in the economy and to expedite privatization, 75% of the shares of banks were transferred to the State Assets Management Agency (AUGA).
The tender commission decided to sell a 75% state stake in Uzcard through its evaluation with the involvement of an independent appraisal organization and announced the privatization process at the end of August.
According to the Limited and Additional Liability Companies Law, other owners of the company can take advantage of the pre-emptive right to purchase a 75% stake in the state.
According to the USREO, the state’s stake was bought by Mansur Usmanov, Kamron Akbarov, Timur Azadov and Obid Agzamkhodzhaev, who owned the remaining 25% in the company. Now each of them owns a 25% stake in Uzcard.
It is worth noting that the SAMA has not yet announced the change of founders and the details of the transaction, including the cost of the state share sold.
