Gov’t plans to sell shares in 7 state-owned companies on international market

By a resolution dated April 19, President of Uzbekistan Shavkat Mirziyoyev approved a list of state-owned blocks of shares that will be put up for auction on the international market with the involvement of professional consultants.

There are seven companies with state participation:

•  Dekhkanabad Potash Plant (100%) – in the fourth quarter of 2024;
•  Samarkand Automobile Plant (SamAuto) 75.2% – in the fourth quarter of 2024;
•  insurance company Uzbekinvest (79.4%) – in the first quarter of 2025;
•  Uzagrosugurta (94.5%) – in the first quarter of 2025;
•  Inter Hotel (100%) – in the first quarter of 2025;
•  JSC Thermal Power Plants (51%) – in the second quarter of 2025;
•  Tashkent Metallurgical Plant (49.9%) – in the second quarter of 2025.

The President ordered, before July 1, 2024, on the basis of a proposal from an engaged consultant, to begin the privatization of the state share of 51% or more in the authorized capital of Thermal Power Plants or individual thermal power plants within the JSC.

The enterprise includes 4 thermal power plants (Syrdarya, Talimarjan, Turakurgan and Angren), 3 thermal power plants (Fergana, Mubarek and Tashkent), 3 service enterprises (Uzenergotaminlash, Uzenergotamir, Uzenergosozlash) and Tashkent Heat Central LLC.

Based on the program of privatization and reform of chemical industry enterprises, the Agency of State Assets has been instructed to complete the process of privatization of the state stake in the Dekhkanabad Potash Plant (100%) by the end of 2024.

The plant was planned to be privatized before October 1, 2023, but was postponed in order to assess the mineral base.

Later it became known that the Fund for Reconstruction and Development (FRDU, the country’s sovereign fund) allocated 1.9 trillion soums to repay the plant’s problem debt and interest on them in the amount of $165.1 million (FRDU loans for 102.16 million and 61.99 million dollars and interest). That is, the fund purchased shares of the plant in order to repay its own loan.

The construction of the plant itself cost $123.67 million, the nominal authorized capital is 2.66 trillion soums.