Uzbekistan’s national postal operator, O’zbekiston pochtasi (UzPost), has been transferred to trust management, according to minutes of an extraordinary shareholders' meeting held on September 21 and published on the Unified Corporate Information Portal.
According to the document, a trust management agreement (No. 01/3−94) covering the state’s 92.9% stake in UzPost was signed on December 30, 2025.
According to Spot, the state-owned stake was transferred to WB INT EXPORT LLC, a wholly owned subsidiary of Wildberries, for a one-year term. The transfer was based on a Cabinet of Ministers resolution dated October 13, 2025, and the trust management agreement signed on December 30, 2025.
On October 8, Kun.uz correspondent Madina Ochilova said at a press conference held by the State Assets Management Agency that UzPost had been transferred to Wildberries' trust management under a “closed document”. She asked the agency’s leadership when and on what grounds the document had been adopted.
“There is currently no trust management agreement. There is only a cooperation agreement. This cannot be directly described as trust management. There was an agreement to involve [the company] in this management. As of today, there is no trust management agreement,” said Sahibjon Murodov, head of the agency.
At UzPost’s September extraordinary shareholders' meeting, the State Assets Management Agency, representing the state’s interests, did not approve a 100 billion soum loan from Wildberries. Shareholders also elected a new supervisory board for a three-year term, with most seats going to Wildberries representatives, including Akmal Primkulov, CEO of WB INT EXPORT LLC.
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.
In September, the State Assets Management Agency, which received a 25% state-owned stake in UzPost in autumn 2025, commented for the first time on reports of the national postal operator’s alleged partial privatisation. In an interview with Spot, Deputy Agency Head Alisher Miraliyev said the reports were unfounded.
“If there had been a change of shareholder, securities market legislation would require the issuer itself to disclose the change in ownership. These were only rumours, so there were no grounds for them,” Miraliyev said.
No negotiations on the sale of UzPost are currently underway. The company continues to operate and develop, and no decision on its privatisation has been made so far.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
