Preparations for the Initial Public Offering (IPO) of the Navoi Mining and Metallurgy Combine (NMMC) on international markets are reportedly continuing, despite significant delays in previously announced deadlines. This was stated by Sohibjon Murodov, the director of the State Assets Management Agency (SAMA), during a press briefing, where he insisted that the process has purportedly not been abandoned.

According to the agency's leadership, the enterprise is allegedly undergoing a comprehensive transformation to meet international management and financial reporting standards. As part of these restructuring efforts, the former state conglomerate was previously split into three separate entities—JSC NMMC, the Navoiuran state enterprise, and the NMMC Foundation—which began independent operations back in 2022. Critics, however, point to ongoing bureaucratic hurdles and a lack of definitive progress.

SAMA's director also addressed the potential impact of record-high global gold prices on the IPO prospects. He claimed that fluctuations in gold prices supposedly do not affect the overarching plans for the share placement, as the final valuation will depend on international stock exchange quotes. Despite these assurances, no specific timeline or new target date for the IPO was provided, leaving investors in prolonged uncertainty.

It is worth noting that the plans to sell a stake in NMMC have faced multiple postponements over recent years. While the company boasts impressive financial results driven by favorable global gold markets, officials continue to argue that establishing a long-term, transparent financial track record is essential, effectively pushing the much-anticipated public offering further into the future.

Source: www.gazeta.uz