State Stake in UZBAT Privatized in Favor of British Investor

Tashkent, Uzbekistan (UzDaily.com) — The Agency for Management of State Assets has announced the completion of the privatization of a state-owned stake amounting to 2.6% of the authorized capital in the joint-stock company UZBAT A.O.

Under the privatization program, this stake was offered for sale in full compliance with legal requirements, including Article 6 of the Law “On Joint-Stock Companies and Protection of Shareholders’ Rights,” which provides existing shareholders with a preemptive right to purchase.

According to the company’s charter, shareholders have the right of first refusal for shares sold by other shareholders, proportionate to their participation and at the price offered to third parties. If shareholders do not exercise this right, the opportunity to acquire the shares passes to the company itself.

An independent appraisal firm assessed the value of the 2.6% UZBAT stake, and the report underwent the required verification process. The Agency formally notified shareholders and the company of the opportunity to purchase the stake at the appraised value. BAT Uzbekistan (Investment) Limited (United Kingdom), a foreign shareholder of UZBAT, exercised its preemptive right and expressed its intention to acquire the state-owned shares.

On September 29, 2025, the Agency for Management of State Assets and BAT Uzbekistan (Investment) Limited signed a sale and purchase agreement for the 2.6% stake in UZBAT at the appraised price of 269.7 billion soums.

Proceeds from the transaction have been transferred to the republican budget in accordance with regulations via the Privatization Fund of the Agency for Management of State Assets.