AMMC plans to attract $500 million through the issue of Eurobonds

Almalyk Mining and Metallurgical Combine (AMMC) is studying the issue of placing international bonds for at least $500 million, Spot reports with reference to Cbonds.

According to the portal, the release is scheduled for mid-2022. The company is almost ready to issue Eurobonds, chairman of the board Abdulla Khursanov said.

“After we have confirmed our reserves, now there are a lot of people willing to invest in us,” the AMMC head added.

So, in order to prepare for the issue of bonds, the combine has been issuing financial statements in accordance with international standards since 2019. In addition, it received international ratings – for example, S&P rated AMMC at B+ with a “stable” forecast.

The AMMC management has not yet decided on which market to place international bonds.

Among the corporate issuers of Uzbekistan, two companies have placed Eurobonds at the moment – Uzbekneftegaz and UzAuto Motors. They were also issued by the Ministry of Finance, Uzsanoatqurilishbank, National Bank and Ipoteka Bank – $2.65 billion were attracted.