Uzbekistan will offer shares of key state-owned enterprises on both domestic and international stock exchanges between 2025 and 2028, according to a presidential decree published on Lex.uz.
The privatization plan includes initial public offerings (IPOs) and secondary public offerings (SPOs) of minority stakes in several strategic companies. These are:
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Navoi Mining and Metallurgical Company (NMMC) – 10–15% (IPO)
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Uzbekistan National Investment Fund JSC – 25% (IPO)
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Navoiuran State Enterprise – 10–15% (IPO)
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Uzbekistan Airways JSC – 15–20% (IPO)
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Almalyk Mining and Metallurgical Complex (AMMC) – 10–15% (IPO)
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National Electric Grids of Uzbekistan JSC – 10–20% (IPO)
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Uzbektelecom JSC – 10–15% (SPO)
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Uzbekhydroenergo JSC – 15–20% (IPO)
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Regional Electric Grids JSC – 20–25% (IPO)
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Uztransgaz JSC – 15–20% (IPO)
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Uzbekistan Airports JSC – 15–20% (IPO)
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Hududgazta’minot JSC – 15–20% (IPO)
The IPO process will be conducted in partnership with Franklin Templeton Asset Management, a major U.S.-based investment firm. The move is expected to attract international investors and foster greater transparency and modernization in Uzbekistan’s economic sectors.
The State Commission for Privatization and Coordination of State Asset Privatization Processes has been granted the authority to adjust the size of the share packages, sales formats, and timing of the offerings as needed.
