Shareholders of Uzbekistan’s national postal operator O’zbekiston pochtasi (UzPost) have elected a new nine-member supervisory board for a three-year term, according to the Unified Corporate Information Portal. Five of the nine board members are affiliated with RVB LLC, the joint company of Wildberries & Russ.
The previous supervisory board was terminated early. All shareholders who took part in the vote supported the decision.
UzPost’s extraordinary general meeting of shareholders was held on September 21, with a quorum of 93.69%. The meeting minutes were prepared on September 30, while the material corporate event was published on the Unified Corporate Information Portal on October 2.
The new supervisory board includes Akmal Primkulov, CEO of WB INT EXPORT LLC; Evgeny Mitin, Director of the Investment and Control Department at RVB; Emil Khasyanov, Deputy Director of RVB’s Legal Department; Pavel Logunov, CFO of RVB; and Alexandra Khmeleva, Director of Regional Development Management at WB Bank.
The board also includes Oleg Pekos, First Deputy Minister of Digital Technologies; Shakhzod Usarov, a specialist at the Accounts Chamber; Muzzaffar Astonakulov, Head of a department at the Ministry of Economy and Finance; and independent member Roger Crook.
The shareholders' meeting also considered a major transaction. The proposal included taking note of a September 7 report by Nazorat Audit LLC on the terms of the transaction, allowing UzPost to obtain a 100 billion soum loan from WB INT EXPORT at the Central Bank’s refinancing rate, approving a repayment schedule, and allowing the company to buy back shares from shareholders at market value until November 2, followed by their cancellation. All shareholders who voted abstained on the issue, so the proposed resolutions were not approved.
Wildberries' press service later told Spot that its representatives had joined UzPost’s supervisory board with the aim of “modernizing the postal operator and improving the quality and speed of its services”.
“The inclusion of representatives of one of the largest marketplaces on the supervisory board will have a positive impact on the development of e-commerce in the country. The postal service will continue operating as usual while gaining new opportunities for growth through investment and technological support”, the company said.
According to the Unified State Register of Enterprises and Organizations, WB INT EXPORT was registered in February 2022. The company, with an authorized capital of 2.27 billion soums, provides “data hosting and processing services”. Its sole founder is Wildberries LLC, while Akmalbek Bakhodirjon ugli Primkulov serves as its director. On his LinkedIn profile, Primkulov lists his position as CEO of Wildberries Uzbekistan.
In September, the Agency for Management of State Assets, which received a 25% state stake in UzPost in autumn 2025, commented for the first time on reports of an alleged partial privatization of the national postal operator. AMSA Deputy Head Alisher Miraliev told Spot that the reports were unfounded.
“If there had been a change in shareholders, securities market legislation requires the issuer itself to disclose changes in ownership. So these were only rumors, and there were no grounds for them”, Miraliev said.
At the time, no negotiations on the sale of UzPost were underway. The company continued to operate and develop, while no decision on its privatization had been made.
The postal operator
In June 2025, UzPost’s list of affiliated parties was changed. Aloqabank, the Ministry of Economy and Finance, and legal entities in which the ministry holds more than 20% were removed from the list. They were replaced by the AMSA, entities affiliated with the agency, and the National Investment Fund of Uzbekistan (UzNIF).
All three new entities held stakes of 20% or more in UzPost. In September, the 25% stake in UzPost that was initially planned to be transferred to UzNIF was instead transferred to the Agency for Management of State Assets.
On October 12, reports emerged that UzPost had been privatized. The buyer of the state stake was reported to be a Russian marketplace, with Wildberries among the names mentioned.
The following day, UzPost confirmed plans to attract investors amid the privatization reports that had emerged at the end of the previous week. The company cited growing demand for diversification, convenience and technology amid the expansion of e-commerce and declining demand for traditional postal services.
The investment was intended to modernize infrastructure, develop logistics, introduce digital solutions, expand the branch network, including in rural areas, and create modern facilities for processing and delivering mail and parcels, UzPost said.
A source familiar with the situation told Spot that the state stake in UzPost had been acquired by RVB, the joint company of Wildberries & Russ. RBC also reported, citing two sources in the Russian market, that Wildberries had taken part in the privatization of the postal operator. One of the sources said the marketplace had extensive plans for Uzbekistan.
Uzbek digital ecosystem Uzum expressed readiness to invest in UzPost and increase deliveries through the postal infrastructure to 10% of all orders on Uzum Market. The group said it planned to invest $1.5 billion in Uzbekistan over the following three to four years. Uzum later announced that it had submitted an application to participate in the bidding for UzPost.
“We are confident that the postal service is one of the state’s most important assets, so its management should take into account not only business interests but also national interests. The postal service performs a number of important social functions and provides thousands of jobs across the country. It is precisely the synergy with an Uzbek IT company that would allow all UzPost partners — whether Uzbek or foreign, large or small — to be brought together”, Uzum said.
In October, the Anti-Corruption Agency called on the Agency for Management of State Assets to ensure openness and transparency in the sale of a 29.4% state stake in the postal operator. The agency also reminded authorities of the legal requirement to publish information on assets being privatized on the Open Data Portal.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
