Uzbekistan to Sell Stakes in Major Companies

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan plans to put state-owned shares and stakes in major companies and enterprises up for sale. The list of assets was approved by a presidential decree dated 28 August as part of measures to reduce the state’s participation in the economy.

The largest banking asset on the list is Turonbank, with 98.9% of its shares planned to be offered at public auction. The Ministry of Economy and Finance has been instructed to prepare the bank for privatisation, taking into account its level of readiness and the conclusions of international consultants.

The insurance company Xalq Sug‘urta, which is 100% state-owned, is also planned for full privatisation.

In the transport sector, the government plans to sell 90% of the Tashkent Passenger Rail Car Construction and Repair Plant and 100% of the Andijan Mechanical Plant, which is part of the Uzbekistan Railways system.

The list also includes 91.83% of UzexpoCentre, 79.27% of the International Cooperation Centre, 54.76% of KO-UNG CYLINDER, 50% of Kor-UNG Investment, 50% of V-GEN BIOPHARMA, 100% of Inno Texnopark, 50% of Ustudy and 51% of O‘ZBEK-TURK TEST MARKAZI.

A separate procedure has been established for UzexpoCentre and the International Cooperation Centre. Their privatisation is to be carried out based on concepts and sale terms agreed with the Presidential Administration.

The list also includes a 0.001% state stake in Trustbank. The stake may be sold at the stock exchange quotation without a separate valuation.

The privatisation process will also cover the road sector. The government intends to sell state-owned shares and stakes in the unitary enterprise Avtomagistral, as well as in a number of regional enterprises involved in the construction, operation and maintenance of roads.

The list also includes commercial properties, including state stakes in dehkan markets and shopping complexes in Namangan, Samarkand, Surkhandarya, Tashkent and Ferghana regions. In many of the enterprises included on the list, the state holds controlling stakes.

The list forms part of measures to reduce state participation in the economy under the presidential decree dated 28 August.