Uzbekistan's government plans to conduct initial public offerings (IPOs) of major state-owned companies, including Uzbekistan Airways and Uzbektelecom, on international markets in 2027. This was announced by Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov on June 29 at a regional seminar dedicated to interconnectivity, private sector investments, and open trade.
In the final part of the session, the Deputy Prime Minister noted that the discussion on interconnectivity and private investments had overlooked the issue of transforming state enterprises operating in relevant sectors. "We talked about interconnectivity and private sector investments, but we forgot to mention the transformation of state enterprises working in this area," he said.
According to Jamshid Kuchkarov, the development of transport, digital, and aviation interconnectivity is impossible without reforming the companies directly operating in these sectors. "For example, if we talk about railways, we need to reform railway companies, transform them, and we are already doing that. If we talk about digital interconnectivity, we need a good telecommunications company. We must transform it. The same applies to aviation: we need to reform airlines, and so on," the Deputy Prime Minister explained.
He stated that the government intends to deeply transform companies operating in regulated industries related to interconnectivity. Kuchkarov specifically highlighted the IPO plans for Uzbekistan Airways and Uzbektelecom in 2027. "For example, next year we plan to conduct an IPO of Uzbekistan Airways. Also, next year there will be an IPO of Uzbektelecom. In 2028, perhaps 2029, all companies related to interconnectivity will be taken public," he emphasized.
In mid-June, it was reported that Uzbekistan plans to conduct a partial IPO of Uzbekistan Airways by the end of 2026. The state intends to place 15-20% of shares on international capital markets. Representatives of Franklin Templeton, which manages the Uzbekistan National Investment Fund (UzNIF, which includes stakes in Uzbekistan Airways and 12 other state companies), conducted a diagnostic review of the airline and developed a transformation program comprising 115 measures. According to estimates, full implementation of this program could increase the company's annual operating profit by $120 million. As a result of these measures, the airline's market value is expected to rise from $1.6 billion to $2.3 billion.
Source: www.gazeta.uz