The Uzbek government has put up for sale its 49% stake in chemical company Navoiazot and 35.9% stake in cement company Kyzylkumtsement on the Tashkent Stock Exchange, news website UzDaily.uz reported on March 12. State-owned railway company Uzbekistan Temir Yullari has also put up 15% of its shares for sale, according another report from UzDaily.uz from March 14.
The government is selling off its shares in the country’s companies as part of the new corporate governance code, which focuses on reducing the government’s shares in joint stock companies (JSCs), while setting a minimum requirement of a 15% stake belonging to foreign investors in each JSC. The measure is aimed at attracting foreign investment as well as further developing the government’s privatisation programme. The authorities are expecting to sell government-owned assets in 55 enterprises, which could yield up to $437mn, news agency Trend reported earlier, citing a presidential decree.
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