Uzbekistan is planning to sell the 100% state stake in Humo Air airline. The carrier has been included in the list of state assets to be offered at public auctions, approved by a presidential decree on August 28.
Notably, Humo Air was already privatized in late 2022. At that time, the Swiss investment company ValleyRoad Capital S.A. purchased the company's 100% stake for 27.2 billion soums ($2.4 million). Subsequently, the airline began operating as a low-cost carrier.
The new document indicates that currently 100% of Humo Air is again owned by the state, and this entire stake must be sold through public auctions in 2026-2027. However, the decree does not specify when or on what grounds the airline returned to state ownership.
Furthermore, open data from the Unified State Register of Enterprises and Organizations (USREO) as of September 8 shows a different ownership structure for Humo Air. According to the register, 51% of the company is still owned by ValleyRoad Capital, while 49% belongs to the State Assets Management Agency (SAMA).
The State Assets Management Agency explained to Gazeta that the contract with the investor has been terminated and the 100% stake in Humo Air is being returned to the state. "This contract has already been terminated, therefore the 100% stake is being returned, and the corresponding transfer of ownership will be formalized within a few days," the agency said.
Humo Air was established in January 2020 on the basis of the state-owned "Special Aviation Works Airline." The carrier was given 43 An-2 aircraft to operate short domestic flights as a cheaper alternative to Uzbekistan Airways.
In December 2021, the airline launched flights on the Fergana — Sokh — Fergana route, operated twice a week.
In late 2022, the state stake in Humo Air was sold to Switzerland's ValleyRoad Capital S.A. The investor agreed to assume a number of obligations. Specifically, by 2026 the investor was required to purchase 18 aircraft, including three by the end of the second quarter of 2023.
Initially, the new owner was expected to take delivery of the first three aircraft and launch regular low-cost flights by the end of June 2023. However, the aircraft were delayed, so passenger transportation only began in December.
In the first phase, Humo Air started flights from Tashkent to Nukus, Samarkand, Urgench, and Karshi. In January 2024, the route network expanded to include flights between Samarkand and Urgench, as well as from Tashkent to Fergana.
At that time, the airline's fleet consisted of two Airbus A320-200 aircraft leased from Bulgaria's Fly2Sky.
In late February 2024, Humo Air announced a temporary suspension of all flights from March 10 to prepare for launching international routes and upgrading its systems.
In early March, the airline agreed with Fly2Sky to return both Airbus A320 aircraft. Humo Air explained this decision by saying that the terms of the existing lease agreement did not allow development in line with the approved business plan.
One aircraft was returned to the lessor on March 2, and the second was to complete flights by March 10. At that time, the airline said it hoped to receive aircraft from a new lessor as early as April and resume regular flights afterward.
Humo Air intended to maintain domestic routes while focusing on international transportation. Planned foreign destinations included Almaty, Istanbul, and Dubai.
Additionally, the carrier stated its intention to operate 1,000 flights and carry over 200,000 passengers in the near future.
Now, several years after the first privatization, Humo Air has again been included in the state asset sale program.
Source: www.gazeta.uz