Tashkent, Uzbekistan (UzDaily.com) – UzAuto Motors began preparing for an initial public offering of shares (IPO).

The company is going to issue additional shares in the amount of up to 10%. The automaker is now looking for an investment intermediary to handle the process.

Now the only owner of the company is the state - UzAuto Motors is 100% owned by Uzavtosanoat, which, in turn, is 100% owned by the State Assets Management Agency.

Uzavtosanoat was instructed to sell shares in four companies, among which was UzAuto Motors (the other three were Avtooyna, Avtokomponent and Uzavtosanoat Leasing). Earlier, GM Uzbekistan changed its name to UzAuto Motors, because Uzbekistan bought out the share of the American company General Motors.