Uzbekneftegaz may reschedule the public offering of shares, which was scheduled until 2024, to a later date, when the situation on the financial markets stabilizes, the company said.
On July 23, the leadership of Uzbekneftegaz and the investment company Rothschild & Cie discussed the process of preparing for an IPO.
“Given the current high volatility of the capital markets, the consultants pointed to the need to focus on the implementation of the preparatory processes and reconsider plans to enter the IPO at a later date, when the situation in the financial markets stabilizes,” the report said.
The parties also considered the possibility of organizing a meeting with potential direct investors by the end of 2022 to form a preliminary and positive image of Uzbekneftegaz.
In July 2019, the President Shavkat Mirziyoyev instructed the relevant departments to organize an IPO in international markets for Uzbekneftegaz by 2024. While, the state will retain a share of at least 51% in the company's authorized capital. Later, the president instructed to complete preparations for the IPO by the end of 2022.