Shares of “UzAuto Motors” and “Uzbekistan Airways” will be sold

Until August 1, 2022, with the involvement of the International Investment Bank and consultants, up to 10% of JSC «UzAuto Motors» will be publicly traded on the local stock market. This is stated in the decree of the president of Uzbekistan «On further reforms to improve the business environment and create conditions for sustainable economic growth through the development of the private sector».

According to the decree, the Ministry of Finance, together with the State Assets Management Agency, the Ministry of Energy, the Ministry of Economic Development and Poverty Reduction, the Ministry of Transport and the Anti-monopoly Committee:

a) with the involvement of an experienced investment bank until 1 May 2022, will initiate the privatization of at least a 49% share in “Uzbekneftgaz” through a public offering (IPO – initial public offering) by the end of 2022, as well as a 51% or more share in “Thermal Power Plants” JSC;
b) will submit to the Cabinet of Ministers for approval the strategy of reforming JSC «Uzbekgidroenergo» until 1 September 2022, based on the findings of the international consulting company. Priority will be given to projects involving the private sector in the construction of new small and medium-sized hydropower plants, including through public-private partnerships;
c) until 1 September, will initiate the privatization of 51% or more of the state share in the charter capital of “Uzbekistan Airways” JSC including public placement of shares (IPO);
j) until 1 August 2022, with the help of the International Investment Bank and consultants, will publicly place up to 10% of shares of JSC «UzAuto Motors» in the local stock market (IPO) and will submit to the Cabinet of Ministers the strategy of selling the remaining shares of the company “UzAuto Motors” and “UzAuto Motors Powertrain” JSC, and “Samarkand Automobile Plant” JSC to strategic investors.