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Uzbekistan's Kokand Mechanical Plant to hold SPO

Business Materials 28 November 2018 12:11

Baku, Azerbaijan, Nov. 28

By Fikret Dolukhanov – Trend:

Uzbekistan's Kokand Mechanical Plant will hold a secondary public offering (SPO) of shares, Uzbek media reported.

The decision was taken by the government of Uzbekistan.

The initiator of the SPO is Uzneftegazmash, the organizer is the National Bank of Uzbekistan, and the organizer of the subscription campaign is Freedom Finance, which signed a partnership agreement with the Toshkent Republican Stock Exchange in September 2018.

Kokand Mechanical Plant is the leader of the engineering industry of Uzbekistan and a key supplier of Uzbekneftegaz. The company produces over 50 types of products, including equipment for the oil and gas and chemical industries. Uzneftegazmash is the main shareholder of the Kokand Mechanical Plant.

As part of the SPO, 2.2 million shares are planned to be sold, which will reduce the share of Uzneftegazmash to 64.08 percent and increase the share of other shareholders to 35.92 percent.

Funds received through SPO are expected to be used to upgrade, expand and modernize enterprises, as well as to conquer new markets.

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Follow the author on Twitter: @FDolukhanov

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