Uzbekistan’s largest companies to go public by 2025

Business Materials 29 September 2021 16:45 (UTC +04:00)
Uzbekistan’s largest companies to go public by 2025

BAKU, Azerbaijan, Sept. 29

By Fakhri Vakilov – Trend:

Uzbekistan plans to bring the country's 30 largest companies to Initial Public Offering (IPO) by 2025, Deputy Prime Minister, Minister of Economic Development and Poverty Reduction Jamshid Kuchkarov said, Trend reports citing Uzbek media.

Kuchkarov made this remark on September 29 at the Economic Forum in Tashkent.

“I want to inform investors that by 2023 we plan to hold an IPO of 10 largest companies in Uzbekistan and 20 largest companies by 2025,” the minister stated.

It is planned to hold an IPO in Tashkent and on the foreign stock exchange for the largest companies that includes the Navoi Mining and Metallurgical Plant (NMMC), the Almalyk Mining and Metallurgical Complex (AMMC), Uzbekistan Airways, Uzmetkombinat, Uzbekneftegaz and Uztransgaz .

Ministry of Energy previously reported that Uzbekneftegaz would place up to 49 percent of its shares in an IPO no later than 2024. The issue of holding an IPO for Uztransgaz and Khududgaztaminot is also being considered.

AMMC is preparing for an IPO in 2023. An independent external audit has already been carried out by the international auditing company Ernst & Young, and the international consulting company KPMG has undertaken an assessment of the complex's readiness for an IPO.

In addition, the Uzbek Metallurgical Plant will go public in 2022, and the NMMC - by 2023.


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