Uzbekistan Puts 99.55% Stake in Coal Mining Company “Shargunkumir” Up for Sale

Tashkent, Uzbekistan (UzDaily.com) — The Agency for Management of State Assets of Uzbekistan (AUGA) has announced the launch of public bidding for the government’s shareholding in Shargunkumir JSC, one of the country’s leading coal mining enterprises.

A 99.55% stake in the company is being offered for sale, with Alkes Research appointed as the privatization advisor. The firm previously supported the sale process of another state asset — Boysunqumir.

Both domestic and international investors are eligible to participate. At the first stage, applicants must submit an Expression of Interest (EOI), providing details about their company, shareholders, beneficial owners, and financial statements for the past three years. The submission deadline is 14 November 2025 at 23:59 Tashkent time.

All EOIs will be reviewed for compliance with eligibility criteria, including sufficient financial capacity and absence of sanctions from the U.S., the European Union, or major international development banks. Pre-qualified participants will advance to the second stage, where they will submit binding offers and pay a deposit of at least 1% of their proposed bid price. They will also receive a Term Sheet outlining key conditions for the purchase and future operations of the enterprise.

Shargunkumir JSC, located in the Shargun district of Surkhandarya region, produces around 900,000 tonnes of coal annually. The company operates its own railway branch and coal enrichment plant. Its CC-grade coal is characterized by low ash content (up to 30%) and high calorific value. Total coal reserves at the company’s mines are estimated at 38.6 million tonnes, including 31.5 million tonnes in categories A, B, and C1, and 7.1 million tonnes in category C2.

AUGA began selecting consultants for the privatization of Shargunkumir and Boysunqumir in June 2025, and public bidding for Boysunqumir started in August, attracting four potential investors.