Uzbek government starts selling off state-owned assets

By bne IntelliNews March 14, 2016

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 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 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.

Related Articles

Uzbekistan planning to issue first Eurobonds with intention to raise $200mn-$300mn

Uzbekistan plans to sell between $200mn-300mn of Eurobonds in 2018 to create a benchmark for Uzbek corporate borrowers, Bloomberg reported on February 22. The country named Raiffeisen Bank ... more

Uzbek president releases 2,700 convicts in country's first mass pardoning

Uzbek President Shavkat Mirziyoyev has signed a decree ordering the first mass pardoning of convicts in Uzbekistan's history, state media reported on December 7. A total of ... more

Uzbekistan’s new decree makes evidence obtained under torture inadmissible in courts

Uzbek President Shavkat Mirziyoyev issued a decree on November 30 making evidence obtained under torture inadmissible in the Central Asian country's courts. Uzbekistan is known as one of the ... more