President of Uzbekistan Shavkat Mirziyoyev has approved a list of state share packages that will be put up for auction on the international market with the involvement of professional consultants, by a decree dated April 19.
The list includes seven state-owned companies:
- Dehkanabad Potash Plant (100%) — in the IV quarter of 2024;
- Samarkand Automobile Plant (SamAuto) 75.2% — in the IV quarter of 2024;
- Insurance company Uzbekinvest (79.4%) — in the I quarter of 2025;
- Uzagrosugurta (94.5%) — in the I quarter of 2025;
- Inter Hotel (100%) — in the I quarter of 2025;
- JSC "Thermal Power Stations" (51%) — in the II quarter of 2025;
- Tashkent Metallurgical Plant (49.9%) — in the II quarter of 2025.
The President instructed to start the privatization of a state share of 51% or more in the charter capital of the Thermal Power Stations or individual thermal power stations within the JSC by July 1, 2024, based on the proposal of the appointed consultant.
The company includes 4 TPPs (Syrdarya, Talimarjan, Turakurgan, and Angren), 3 CHPs (Fergana, Mubarek, and Tashkent), 3 servicing companies (Uzenergotaminlash, Uzenergotamir, Uzenergosozlash), and LLC "Tashkent Heat Center."
The State Assets Agency has been tasked to complete the privatization process of the entire state share of Dehkanabad Potash Plant (100%) by the end of 2024 based on the program of privatization and reforming of chemical industry enterprises.
The construction of the plant cost $123.67 million, with a nominal authorized capital of 2.66 trillion soums.
Additionally, by July 1, the process of putting up 75.2% of the share of JSC "Uzavtosanoat" in the charter capital of Samarkand Automobile Plant (SamAuto) for auction with the involvement of professional consultants will commence.
Furthermore, in 2025, the plan includes selling up to 5% of shares of four major state-owned companies on the international stock market. The Secondary Public Offering (SPO) of Uzbekhydroenergo is scheduled for the II quarter, Initial Public Offering (IPO) of Navoi Mining and Metallurgical Combinat for the III quarter, and IPO of Uzbektelecom and Almalyk Navoi Mining and Metallurgical Combinat for the IV quarter.
Task forces will be responsible for preparing for privatization. Their main tasks include preparing financial statements of companies according to international standards, coordinating the hiring of consultants, obtaining international ratings, coordinating the activities of underwriters, and organizing the preparation of marketing materials.
President has also signed a decree to accelerate the privatization of state assets in Uzbekistan. The sale of state shares in 247 companies, including the payment system Humo, over 1000 real estate properties, and public offering of shares of 12 major enterprises is planned. The value of unsold land plots will gradually decrease.
This year, revenues of 20 trillion soums are expected from privatization processes through the sale of share packages of 400 companies, real estate properties of 800 enterprises, and 2000 hectares of land.
Earlier, it was reported about the privatization of the gas station network of Uzbekneftegaz, Chinaz Oil Refinery, mobile operator Perfectum, and payment service Uzpaynet. Official announcements regarding the deals have not been made.
