BAKU, Azerbaijan, Jan. 7
By Fakhri Vakilov - Trend:
UzAuto Motors, the largest manufacturer of cars in Uzbekistan, intends to conduct an initial public offering of shares (IPO) on the local and largest international stock exchanges, Trend reports citing the Uzbek media.
As the head of the strategic planning, analytics and development department of the company Rustam Kadyrov specified at a press conference held at the Agency for Information and Mass Communications, the procedure for preparing for an IPO will take about one and a half to two years.
To date, a tender has already been announced to attract an investment bank as an accompanying one.
“We openly declare that it's time for the government to stop doing business. If someone wants to buy a stake in the company, we are open for it. Moreover, we are planning an IPO on UzAuto Motors on a European exchange,” Kadyrov said, without giving an exact date.
According to the presidential decree of July 18, 2019, by 2023 it is planned to attract investors through an initial public offering (IPO) of at least two joint stock companies that are part of Uzbekistan’s Uzavtosanoat JSC car manufacturing company on the domestic and international stock markets.
The list of Uzavtosanoat organizations, whose shares in the authorized capital are held by investors, includes UzAuto Motors, Avtooyna, Avtokomponent and Uzavtosanoat Leasing.
In December 2018, Uzavtosanoat purchased the remainder of the shares from the US corporation General Motors and became the sole shareholder of the GM Uzbekistan automobile plant in Asaka city of Uzbekistan. In the middle of last year, the company name was changed to UzAuto Motors.
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