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 public sales
- 29
- enterprises planned for an IPO or SPO by 2028
- 12
- minimum notice before trading starts
- 30 days
- interest-free instalment period for large transactions
- up to 7 years
Source: Presidential Resolution No. PQ-145 of 21 April 2025 (as amended) and Presidential Decree No. PF-177 of 28 August 2026. Shares and deadlines are indicative and may change.
The Government has also launched a programme to privatise its largest state-owned enterprises on international markets, through open public sales and public share offerings (IPO/SPO) run with leading international advisors.
Legal framework
Privatisation is regulated by the Law “On Privatisation of State Property” (No. OʻRQ-907 of 14 February 2024, in force since 16 May 2024, as amended) and is carried out by the State Assets Management Agency of the Republic of Uzbekistan. The Law covers the sale of state real estate (property complexes, buildings and structures, including unfinished construction), state shares in business entities and state institutions.
The following are regulated by separate legislation: sales of state property under court rulings; privatisation of the state housing stock; privatisation of non-agricultural land plots (except the privatisation of property complexes, buildings and structures together with their land plots, which falls under this Law); and privatisation of state real estate located in small industrial zones and in youth industrial and entrepreneurship zones.
The Law was amended in January 2025 (23 January), February 2025 (7 February, in force from 8 May 2025) and March 2026 (17 March). The next set of amendments enters into force on 18 November 2026.
Privatisation methods
Method | How it works |
|---|---|
| Auction | For state property that is not subject to special conditions for the buyer (except state shares). Held as an electronic online auction with ascending prices. |
| 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 open public sales: 29 enterprises. Equity stakes in 29 major state-owned enterprises are planned for sale on international and domestic markets through open public sales, 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%) |
| Other | JSC “Oʻzbekgidroenergoqurilish” (96.7%); JSC “Transgazmaxsusqurilish” (77.6%); JSC “Maxsusenergogaz” (41%); LLC “Technopark” (100%) |
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. The National Investment Fund of Uzbekistan (UzNIF), managed by Franklin Templeton, completed its IPO in May 2026. IPOs of several UzNIF portfolio companies are being prepared.
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 indicated shares and timelines are indicative. In agreement with the Presidential Administration, the State Assets Management Agency may change the size, form and timing of each placement depending on market conditions.
2026–2027 privatisation programme
Presidential Decree No. PF-177 of 28 August 2026 approved the list of assets for public sale in 2026–2027. In 2026, state shares in 84 business entities, 1,242 real estate objects and about 8 thousand hectares of land plots for business and urban development are to be offered. The total value of the assets is about UZS 100 trillion, and at least UZS 14 trillion in proceeds is expected by the end of the year.
The 2026–2027 list includes shares in 62 enterprises with state participation, among them 98.9% of Turonbank and 100% of Humo Air. In addition, 85 enterprises with state participation are to be liquidated or reorganised.
When large and strategic enterprises are privatised, the state may retain a temporary special participation right. It is introduced by a special Presidential decision and is disclosed publicly before privatisation.
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 |
Payment terms under the 2026 programme (Presidential Decree No. PF-177 of 28 August 2026)
- The initial payment for state assets and non-agricultural land plots is 15% of the price (previously 35%) and is paid within 30 calendar days. The remaining amount may be paid in instalments without interest (previously interest at the Central Bank base rate applied).
- Large transactions: a buyer who pays 100% of the price within six months receives a 25% discount (previously 14% for full payment within one month). A buyer who pays 35% within three months may pay the remainder in instalments over up to 5 years, and a buyer who pays 50% within six months over up to 7 years, in both cases without interest.
- A buyer who has paid at least 35% of the price within one month may pledge the purchased property as collateral for a loan; an insurance policy or a bank guarantee for the remaining payments is required.
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.
- Pre-sale information. Privatisation programmes are published on the official website of the State Assets Management Agency within 10 days of their approval. Sale notices, with the main terms of sale, are published on the official websites of the Agency, the trade organiser and the investment intermediary at least 30 days before the start of trading or the end of the application period.
- Post-sale results. Information on the results of the sale, including the buyer, the purchase price and other material terms of the transaction, is published within three working days from the date of the transaction, subject to any non-disclosure terms agreed with the buyer.
- Reporting. The State Assets Management Agency publishes quarterly progress reports and an annual summary report by 1 April each year.
- Dispute resolution. The limitation period for disputes on the buyer's performance of the sale and purchase agreement is 3 years. The parties may use mediation, including before applying to court.
Special rules for large transactions
- International professional advisors (investment banks, legal counsel, Big Four auditors) are engaged for all large-scale transactions.
- The value or value range determined by international professional organisations for the sale of state assets is used as a reference in the sale process, regardless of the requirements of the national valuation standard. The valuation reports of the engaged valuers are not subject to expert review.
- Financial covenants under the enterprises' existing loan agreements are taken into account before open public sales are launched.
- In the privatisation of strategic enterprises, the state may retain a temporary special participation right. It is introduced by a special Presidential decision and is disclosed publicly before privatisation.
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 decisions, including Resolution No. PQ-145 of 21 April 2025 (current edition) and Decree No. PF-177 of 28 August 2026, are available on lex.uz: PQ-145 (21.04.2025), PF-177 (28.08.2026).