Privatisation
Privatisation is the process of selling state-owned real estate, state equity stakes in companies and state institutions to private buyers, including foreign investors, through transparent and competitive procedures set by law.
- enterprises planned for sale through open tenders
- 29
- enterprises planned for an IPO or SPO by 2028
- 12
- minimum notice before trading starts
- 30 days
- maximum instalment period
- 36 months
Pipeline under Resolution of the President No. 145 of 21 April 2025. Shares and timelines are indicative and may change.
The Government has also launched a programme to privatise its largest state-owned enterprises on international markets, through open tenders and public share offerings (IPO/SPO) run with leading international advisors.
Legal framework
Privatisation is governed by the Law on Privatisation of State Property (No. 907 of 14 February 2024) and administered by the State Assets Management Agency of the Republic of Uzbekistan. The Law covers the sale of state-owned real estate, state equity stakes in business entities and state institutions.
The privatisation of state housing, non-agricultural land plots and assets in small industrial zones is regulated by separate legislation.
Privatisation methods
Method | How it works |
|---|---|
| Auction | For state real estate (excluding shares) with no special conditions. Conducted as an online electronic ascending-price auction. |
| Competitive tender | Used where conditions are placed on the buyer, such as investment, environmental or operational commitments. Bids are scored out of 100: up to 80 points for price and up to 20 for financial and non-financial conditions. |
| Public invitation for negotiations | Multi-stage process for complex or high-value assets. The starting price is not disclosed. Includes an NDA, a virtual data room, preliminary (non-binding) and final (binding) offers, and negotiation rounds. |
| Competitive dialogue | Used when sale conditions, market requirements or investment targets are unclear. Structured bilateral or multilateral negotiations lead to binding offers. |
| Stock exchange trading | State-held shares are sold through the securities market under the Securities Market Law. |
| Contribution to charter capital | State equity stakes or real estate are contributed as the state's share in a company's charter capital. |
| Lease with subsequent privatisation | A state institution is leased to a business entity with a contractually provided option of subsequent privatisation. A “regulatory sandbox” regime may be used for a controlled transition. |
Privatisation of the largest state-owned enterprises
Resolution of the President No. 145 of 21 April 2025 sets a concrete pipeline of trade sales and public equity offerings, to be carried out with leading international professional advisors. Its aim is to attract strategic and portfolio foreign investors into core sectors of the economy.
Status of these assets. The enterprises and offerings below are part of the planned pipeline under Resolution No. 145. They are not all open for bidding at the same time. A sale is open only once a sale notice is published. See Transaction status and Available assets.
Planned trade sales through public tenders: 29 enterprises. Equity stakes in 29 major state-owned enterprises are planned for sale on international and domestic markets through open public tenders, with an internationally reputable consultant engaged for each transaction. Selected planned assets:
Sector | Selected planned assets (state share) |
|---|---|
| Automotive | JSC “UzAuto Motors” (99.7%); JSC “UzAuto Motors Powertrain” (100%) |
| Energy | 10 thermal power stations (100% each); LLC “Uzbekistan GTL” (100%) |
| Mining and metals | JSC “Uzmetkombinat” (91%); JSC “Navoi Azot” (75%); Sherobod Cement (100%) |
| Telecoms | LLC “Universal Mobile Systems” (100%) |
| Insurance and leasing | JSC “Uzbekinvest” (75%); JSC “Uzagrosugurta” (99%); JV JSC “Uzbek Leasing International” (45.5%); JSC “Uzagroleasing” (97.5%) |
| Infrastructure | JSC “Yoʻlqurilish” (100%); JSC “Uzsuvqurilish” (100%); JSC “Shargunkoʻmir” (99.9%) |
Where state shares are under trust management, they are first offered to the trustee at appraised value.
IPO and SPO programme: 12 enterprises
Under Resolution of the President No. 145, 12 enterprises are planned for initial or secondary public offerings by 2028. Several IPOs are being conducted jointly with Franklin Templeton.
Enterprise | Planned offering (indicative share of equity) |
|---|---|
| JSC “Navoi Mining and Metallurgical Combine” | IPO (10–15%) |
| JSC “National Investment Fund” | IPO (25%) |
| JSC “Navoiyuran” | IPO (10–15%) |
| JSC “Uzbekistan Airways” | IPO (15–20%) |
| JSC “Almalyk Mining and Metallurgical Combine” | IPO (10–15%) |
| JSC “National Electric Grids of Uzbekistan” | IPO (10–20%) |
| JSC “Uzbektelecom” | SPO (10–15%) |
| JSC “Uzbekhydroenergo” | IPO (15–20%) |
| JSC “Regional Electric Grids” | IPO (20–25%) |
| JSC “Uztransgaz” | IPO (15–20%) |
| JSC “Uzbekistan Airports” | IPO (15–20%) |
| JSC “Hududgaztaminot” | IPO (15–20%) |
The shares and timelines shown are indicative. The State Privatisation Commission, chaired by the Prime Minister, may adjust the size, form and timeline of each offering in line with the relevant decisions and market conditions.
Available assets
State assets that are open for sale are listed on the official website of the State Assets Management Agency and on the E-auksion electronic trading platform. Each listing shows the sale method, key conditions and deadlines. The main categories are:
- State real estate – buildings, structures and other property.
- State equity stakes – shares and interests in business entities.
- State institutions – sold, or leased with subsequent privatisation.
- Largest state-owned enterprises – offered under the programme of Resolution No. 145 once a sale notice is published.
Assets that are only planned, or already sold, are not part of the current offer. See Transaction status.
Transaction status
Every asset moves through three stages. The stage shows what can be bought now and what is only planned.
Status | What it means | What is published |
|---|---|---|
| Planned | The asset is included in a privatisation programme or resolution. No sale has been announced and no bids are accepted. | The programme or resolution, the asset and, where set, the planned method and indicative timeline. |
| Open for sale | A sale notice has been published and the procedure is under way. | The sale notice, method, key terms and deadlines, at least 30 days before trading starts. |
| Completed | Trading has ended and the sale result has been determined. | The sale result and buyer information, followed by quarterly and annual progress reports. |
Dates and terms may change. Always rely on the latest notice on the Agency's official website.
How to participate in privatisation
The exact steps depend on the sale method and are set out in each sale notice. In general, a buyer, including a foreign investor, follows this sequence:
Choose an asset. Review assets open for sale on the Agency's website and on E-auksion, and check the status.
Read the sale notice. Note the sale method, starting price (if disclosed), deadlines, conditions placed on the buyer and the list of required documents.
Register and prepare documents. Register on the electronic platform or with the Agency as the notice requires, and prepare the documents it lists. Foreign investors should check whether translation or legalisation of documents is required.
Submit your bid. In an auction, bid online. In a competitive tender, submit an offer that meets the stated conditions. In a public invitation for negotiations, sign the NDA, review the virtual data room, then submit preliminary and final offers.
Sign the purchase agreement. The winning bidder concludes the agreement with the seller.
Pay. Pay in full or in instalments within the limits in Payment terms.
Take over the asset and meet the conditions. Fulfil any investment, environmental or operational commitments in the agreement.
For the largest transactions, an international advisor supports the process; details are given in the sale notice. For questions, see Official sources and contacts.
Payment terms
Buyers may pay in instalments. The maximum payment period depends on the purchase price, expressed in multiples of the base calculation value (BCV):
Purchase price | Maximum payment period |
|---|---|
| Up to 3,000 × BCV | 3 months |
| Over 3,000, up to 6,000 × BCV | 6 months |
| Over 6,000, up to 12,000 × BCV | 12 months |
| Over 12,000, up to 15,000 × BCV | 18 months |
| Over 15,000, up to 18,000 × BCV | 24 months |
| Over 18,000, up to 20,000 × BCV | 30 months |
| Over 20,000 × BCV | 36 months |
- A buyer who pays at least 35% of the price within one month may pledge the acquired asset as collateral for credit, subject to an insurance policy or bank guarantee for the remaining payments.
- If the first instalment is below 35%, interest accrues on the balance at the Central Bank base rate.
Investor rights and transaction transparency
- Property rights. Privatised property is inviolable. The owner can be deprived of it only by law and by court decision.
- Information before trading. Privatisation programmes, sale notices and key sale terms are published on the State Assets Management Agency's official website at least 30 days before trading starts.
- Results after trading. Sale results and buyer information are published only after the sale is completed.
- Reporting. The State Assets Management Agency publishes quarterly progress reports and an annual summary report by 1 April each year.
- Dispute resolution. Disputes over the buyer's performance under the purchase agreement have a 3-year limitation period. Mediation between the State Assets Management Agency and the buyer is available before court proceedings.
Safeguards for international investors in large transactions
- International professional advisors (investment banks, legal counsel, Big Four auditors) are engaged for all large-scale transactions.
- Valuations and price ranges set by international advisors serve as the benchmark and are not subject to national-standard appraisal verification.
- Financial covenants under the enterprises' existing loan agreements are taken into account before public tenders are launched.
Official sources and contacts
Use these official sources for current notices, legal texts and sale results.
- State Assets Management Agency (Davaktiv). Privatisation programmes, sale notices, results and reports: davaktiv.uz and the Agency's page on gov.uz. Call centre: 1082.
- E-auksion. Electronic trading platform for online auctions and tenders: e-auksion.uz.
- Lex.uz. National legislation database: Law on Privatisation of State Property (No. 907, 14 February 2024). Presidential resolutions, including No. 145 of 21 April 2025, are listed on the Agency's page Presidential decrees and resolutions and can be found on lex.uz by number and date.