Uzbekistan to put "Turonbank", IBC, "Uzexpocentre" and other assets up for sale
In Uzbekistan, a new list of major state assets for privatization has been approved. It is planned to sell 98.9% of shares in "Turonbank", more than 91% of "Uzexpocentre", almost 80% of the International Business Center, as well as shares in industrial, transport, and trade enterprises.
Uzbekistan intends to put "Turonbank", ICC, "Uzexpocentre" and other objects up for sale
Uzbekistan plans to sell state-owned blocks of shares and stakes in a number of large companies. The corresponding list was approved by the presidential decree of August 28 on reducing state participation in the economy.
According to the document, 98.9% of "Turonbank" shares are planned to be put up for public auction. The Ministry of Economy and Finance was tasked with preparing the bank for privatization, taking into account the bank's level of readiness for privatization and based on the conclusions of international consultants.
It is also planned to fully privatize the insurance company Xalq Sug‘urta — the state owns 100% of its capital.
In the transport sector, 90% of the Tashkent Passenger Car Construction and Repair Plant and 100% of the Andijan Mechanical Plant, which is part of the "O'zbekiston Temir Yo'llari" system, will be put up for sale.
In addition, the sale of the following is envisaged:
Special conditions have been established for the International Cooperation Center and "Uzexpocentre". Their privatization must be carried out on the basis of concepts and sales conditions agreed with the Presidential Administration.
The list also includes the state-owned stake in "Trustbank", but its size is only 0.001%. This block of shares is allowed to be sold at the stock exchange quotation without a separate valuation.
Privatization will also affect the road sector. The state intends to sell blocks of shares and stakes in the unitary enterprise Avtomagistral, as well as in a number of regional enterprises for the construction, operation, and maintenance of highways.
The list also includes numerous retail facilities. It is planned to sell state shares in dehkhan markets and shopping complexes in Namangan, Samarkand, Surxondaryo, Tashkent, and Fergana regions. In many of them, the state owns controlling stakes.