Wednesday, 19, June, 2024

President Shavkat Mirziyoyev signed a decree on April 19 approving the list of state-owned blocks of shares that will be put up for auction on the international market with the help of consultants.

Seven companies with the government’s stake:

  • Dekhkanabad Potash Plant (100%) - in Q4 of 2024;
  • Samarkand Automobile Plant (SamAuto) 75.2% - in Q4 of 2024;
  • Uzbekinvest insurance company (79.4%) - in Q1 of 2025;
  • Uzagrosugurta (94.5%) - in Q1 of 2025;
  • Inter Hotel (100%) - in Q1 of 2025;
  • Thermal Power Plants (51%) - in Q2 of 2025;
  • Tashkent Metallurgical Plant (49.9%) - in Q2 of 2025.

The president instructed to, before July 1, 2024, on the basis of a proposal from an engaged consultant, launchn the privatization of the government’s stake state of 51% or more in the Thermal Power Plants or some thermal power plants within the .

The company includes 4 thermal power plants (Syrdarya, Talimarjan, Turakurgan and Angren), 3 thermal power centrales (Fergana, Mubarek and Tashkent), 3 service enterprises (Uzenergotaminlash, Uzenergotamir, Uzenergosozlash) and Tashkent Thermal Centrale LLC.

In line with the chemical industry enterprises privatization and reform program, the Agency of State Assets has been instructed to complete the process of privatization of the government’s stake in the Dekhkanabad Potash Plant (100%) by the end of 2024.

The plant was planned to be privatized before October 1, 2023, but was postponed in order to assess the mineral base.

Later it became known that the Uzbekistan Fund for Reconstruction and Development (UFRD, the country’s sovereign fund) contributed 1.9 trillion soums to repay the plant’s bad performing debt and the interest worth of $165.1 million (UFRD’s loans for 102.16 million and 61.99 million dollars and interest). That is, the fund purchased shares of the plant in order to repay its own loan.

The plant project was worth $123.67 million, the nominal authorized capital is 2.66 trillion soums.

Before July 1, it is also planned to begin putting up for auction a 75.2% share of Uzavtosanoat in the Samarkand Automobile Plant (SamAuto) engaging consultants.

In addition, in 2025 it is planned to sell up to 5% of the shares of four large state-owned companies on the international stock market. The secondary offer (SPO) of Uzbekhydroenergo is scheduled for the Q2, the IPO of the Navoi Mining and Metallurgical Combine is scheduled for the Q3, the IPO of Uzbektelecom and the Almalyk Navoi Mining and Metallurgical Combine is scheduled for the Q4.

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