The State Assets Management Agency of the republic of Uzbekistan

Within the framework of the 5th Tashkent International Investment Forum, the State Assets Management Agency of the Republic of Uzbekistan reached important agreements aimed at accelerating the privatization of state assets, attracting international strategic investors, and expanding private sector participation.

As a result of the Forum, two cooperation documents of significant investment and practical importance in the field of state asset privatization were signed.

A Memorandum of Cooperation regarding MobiUz was signed with a consortium consisting of financial investors led by the U.S.-based company “McKim and Company” and the industry technology partner “JVR Enterprises LLC” (DBA – “JVR Capital Group”).

In particular, a Memorandum of Cooperation was signed between the State Assets Management Agency and a consortium comprising financial investors led by the U.S.-based company “McKim and Company” and the industry technology partner “JVR Enterprises LLC” (DBA – “JVR Capital Group”) to successfully implement the privatization process of the state-owned share in the charter capital of “Universal Mobile Systems” LLC (MobiUz).

Within the framework of this cooperation, the parties envisage collaboration on the sale of MobiUz to a foreign investor for USD 351 million, as well as the attraction of an additional USD 500 million in investments aimed at modernizing telecommunications infrastructure and further developing the network. The total value of the project amounts to USD 851 million.

This agreement will contribute to the modernization of digital infrastructure, the strengthening of competition in the sector, and the further development of the country's telecommunications network.

Cooperation with XCMG to be established for the privatization of the state stake in the UzXCMG joint venture

In addition, within the framework of the 5th Tashkent International Investment Forum, a Memorandum of Cooperation was signed between the State Assets Management Agency and China’s “XCMG Construction Machinery Co., Ltd” to ensure the effective implementation of the privatization process of the state-owned share in the charter capital of the “UzXCMG” LLC joint venture.

Under the Memorandum, the parties intend to establish close cooperation throughout the privatization process of the state-owned stake, facilitate the exchange of experience, and coordinate their efforts to ensure the efficiency and transparency of the process.

This agreement will contribute to organizing the privatization of the “UzXCMG” joint venture in accordance with international standards, strengthening cooperation with strategic investors, and further developing the machinery manufacturing industry and industrial cooperation in the country.

The signed documents demonstrate the continued and consistent implementation of reforms aimed at reducing the state’s participation in the economy, increasing the role of the private sector, and transforming state assets based on market principles in Uzbekistan.

At the same time, these agreements serve as a clear confirmation of the growing high level of trust and interest of international strategic investors in the large-scale economic reforms being implemented in the country.