Turonbank, Humo Air and Uzexpocentre: State stakes in 62 companies to be auctioned by 2028

In 2026−2027, state-owned stakes and shares in 62 enterprises are planned to be offered for public auction. The list was approved by a presidential decree “On additional measures to reduce the state’s participation in the economy and accelerate privatization processes” dated August 28. The document is in the possession of the editorial team.

The decree provides that the number of stakes put up for sale and the disposal of assets may be adjusted if the legal and organizational form of an enterprise changes. If an enterprise’s capital includes stakes in companies with a predominant state share, they will be offered for sale as a single package.

Where necessary, and with the approval of the Presidential Administration, the Agency for Management of State Assets (AMSA) will be able to determine the procedure for transferring assets of state-owned enterprises to the agency. In particular, the assets may remain with the enterprises until a buyer is identified, or the enterprises may be entrusted with managing the assets on behalf of AUGA.

When organizations within business companies are transformed into LLCs, their property will be inventoried, while the charter capital will be set at the amount of the existing charter capital based on the latest balance sheet submitted to the tax authorities, without a valuation of the assets.

The list of enterprises and the size of the state’s stakes in them may be amended or removed by a decision of AMSA with the approval of the Presidential Administration.

A separate procedure for transferring assets to AUGA has been established for commercial banks. Assets will be transferred using reserves created by banks to cover potential losses or proceeds from their sale, after deducting the costs of putting them up for sale and completing the transaction. If the sale price exceeds the book value, the bank will receive the amount corresponding to the residual value.

The transfer of assets must also take into account covenants attached to issued bonds, loans obtained from foreign financial institutions and banks, as well as statutory requirements regarding the size of charter capital.

Separate conditions have been established for certain assets. The privatization of the state’s stake in Turonbank’s charter capital will be carried out by the Ministry of Economy and Finance, taking into account the conclusions of international consultants and the bank’s readiness for privatization.

State stakes in the International Cooperation Centre and Uzexpocentre will be sold with the approval of the Presidential Administration, taking into account the concepts of projects being implemented on their sites and the terms of sale.

Meanwhile, the state’s 0.001% stake in Trustbank may be offered for sale without a valuation, based on the stock exchange quotation price. If there is no quotation, the value will be determined proportionally to the company’s net assets.

The terms and procedure for selling state stakes in enterprises under local government authorities will be proposed by local authorities and established by AUGA. Proceeds remaining after the sale, minus valuation and transaction costs, will be transferred to the respective local budgets.

Below is the full list of 62 enterprises:

The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.