The State Assets Management Agency of the republic of Uzbekistan

On September 12 this year, the General Director of “Coca-Cola Ichimligi Uzbekistan Ltd” since September 2021, Mr. Ezel Agaoglu visited the State Assets Management Agency in connection with the completion of his term of office in Uzbekistan, thanking for the close cooperation shown during his work.

Mr. Ezel Agaoglu noted that during his work in Uzbekistan since September 2021 he succeeded in introducing modern systems of corporate and financial management in “Coca-Cola Ichimligi Uzbekistan Ltd”, in increasing the production capacity of the company, as well as in multiplying the annual tax proceeds compared to the period before privatization.

During the meeting it was noted that the sale of Coca-Cola in Uzbekistan to one of the largest companies in Turkey “Coca-Cola İçecek” in 2021, which is part of the holding company “Anadolu Group”, is considered one of the first successful examples of privatization in Uzbekistan.

For information: in 2021, with the participation of international consulting companies “Rothschild & Co” and “Dentons”, 57.1% of the state share in the authorized capital of “Coca-Cola Ichimligi Uzbekistan, Ltd” was sold to the group of companies “Coca-Cola İçyecek A.Ş.” for 252.3 million USD.

This transaction has made a positive impact on the beverage market of Uzbekistan. Over the past 3 years, the Turkish investor has invested in Uzbekistan's economy, in particular, new technologies worth 40 million USD have been introduced to modernize the existing production infrastructure in Urgench, a new modern 4th plant of “Coca-Cola Bottlers Uzbekistan” in Samarkand worth 112 million USD has been built, resulting in the creation of 200 new jobs. In 2025, instead of the existing plant in Namangan, at another location it is planned to rebuild a new plant with modern infrastructure and technologies.

Mr. Ezel Agaoglu thanked the State Assets Management Agency for close cooperation and support throughout his work in Uzbekistan and expressed confidence that constructive and productive cooperation will also be established with the new director of the company.

At the end of the meeting, the State Assets Management Agency presented Mr. Ezel Agaoglu with a certificate of honor for the best manager in the post-privatization process and wished him great success in his future career.