UzAssets investment company is being created in Uzbekistan, the Cabinet of Ministers' June 15 Additional Measures To Improve Privatization Processes Resolution said.
The company is being set up in the form of a joint stock company, with the State Assets Management Agency (SAMA) becoming its founder.
UzAssets authorized capital shall be formed from the Fund for the management, transformation and privatization of state assets under the SAMA worth 20 billion soums, US$2 million, as well as a state stakes in 7 joint-stock companies and 3 state unitary enterprises in face value.
The main objectives of the company are the pre-sale preparation of enterprises with state’s stake, including increasing their investment attractiveness and organizing cooperation with international institutions and companies.
UzAssets will conduct a comprehensive analysis of enterprises, create a short-list of investors, organize a road-show to attract investors and will perform other tasks.
The supervisory board of the company will include the director of SAMA. At least 50% of the board members will be highly qualified specialists with international experience.
SAMA said that at the first stage, government shares in 10 large enterprises shall be handed over to the company for sale, based on market conditions and the decision of the Supervisory Board. In 2021, it is planned to gradually expand the company's portfolio to 50 assets.