Tashkent, Uzbekistan (UzDaily.com) -- A resolution of the Cabinet of Ministers dated June 15, 2020 No. 381 “On additional measures to improve privatization processes” was adopted.

In accordance with the resolution, in order to conduct pre-sale preparatory work to ensure the investment attractiveness of state-owned enterprises and ensure successful privatization results by selling to potential investors, the UzAssets investment company was created in the form of a joint stock company with the State Assets Management Agency.

The main tasks of UzAssets:

- pre-sale preparation of enterprises with state shares transferred to management, increasing investment attractiveness using effective mechanisms, in cooperation with foreign, international institutions and companies;

- a comprehensive analysis of the activities of enterprises (due diligence), forecasting development indicators using the “benchmarking” method;

- analysis of the profitability of enterprises using indicators IRR, NPV, EBITDA and other internationally accepted evaluation criteria;

-efficient management of state blocks of shares (stakes), increasing the competitiveness of enterprises in domestic and foreign markets;

- formation of a list of potential investors;

- use of the Road Show program when attracting investment intermediaries and conducting presentations for target audiences;

- ensuring effective and sustainable privatization through the sale of assets transferred to the authorized capital, based on the long-term goals of economic development.

The authorized capital of UzAssets investment company is formed at the expense of funds from the extrabudgetary Fund for the management, transformation and privatization of state assets under the State Assets Management Agency in the amount of 20 billion soums. It will also be formed at the expense of state blocks of shares at a nominal value of 10 enterprises:

JSC "Quartz";

Kyzylkumcement JSC;

JSC "Urganchsharob";

JSC "Ubekistan Champagne";

State Unitary Enterprise "Uzgeorangmet LITI";

State Unitary Enterprise "Uzshaharsozlik LITI";

JSC "Denov wine-arches";

Insurance company Kafolat JSC;

Small industrial zone of JSC Olmazor;

State Unitary Enterprise "Shakhrisabz Yulduzi".

The blocks of shares (stakes) of privatized enterprises will subsequently be transferred to the UzAssets investment company by decisions of the Cabinet of Ministers. At least 50% of the Supervisory Board of UzAssets is made up of highly qualified specialists with international experience. The net profit of the company after covering the costs of pre-sale preparation is sent to the State Asset Management Agency as a means of privatizing state assets.