The Independent Uganda: You get the Truth we Pay the Price
Tashkent, Uzbekistan | Xinhua | Uzbekistan will partly privatize several state companies, including Uzbekneftegaz, Thermal Power Plants, Uzbekistan Airways and automaker UzAuto Motors, according to a presidential decree on Saturday.
According to the document signed by Uzbek President Shavkat Mirziyoyev, the government will hire an experienced investment bank by May 1 to start the privatization process of the state oil and gas company Uzbekneftegaz by the end of the year.
The process will also include an initial public offering of at least 49 percent of the company’s shares and at least 51 percent or more of shares in Thermal Power Plants, the document said.
Uzbekistan’s national air carrier Uzbekistan Airways will start preparing to auction at least 51 percent of its shares, including through an initial public offering by Sept. 1.
The government was also instructed to hire an international investment bank and consultants to conduct a public offering on the local stock market to sell up to 10 percent of state shares in UzAuto Motors and submit to the government a strategy for selling the rest of the company’s shares to strategic investors.
Uzbekistan has in recent years taken a series of measures to promote economic reform, including the elimination of foreign exchange controls, the reduction of tax burdens and preferential treatment to foreign investment. ■
