RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of April 21, 2025 No. PP-145

About privatization of large enterprises with participation of the state in the international markets

For the purpose of increase in efficiency of activities of large enterprises with participation of the state and commercial banks (further - large enterprises with participation of the state) and accelerations of attraction of foreign investments by their privatization I decide:

I. Purposes

1. Determine the main target indicators of realization of large enterprises with participation of the state in the international and domestic markets:

(a) exposure to the public biddings of blocks of shares (shares) in the authorized capital of 29 large enterprises with participation of the state with involvement of authoritative international professional consultants;

(b) carrying out primary (IPO) and (or) secondary (SPO) of public placement of blocks of shares in the authorized capital of 12 large enterprises with participation of the state in the international and domestic stock markets.

II. Realization of the state assets in the international markets

2. Approve:

(a) The list of blocks of shares (shares) exposed on the public biddings in the international and domestic markets with involvement of professional consultants according to appendix No. 1;

(b) The list of large enterprises with participation of the state, primary (IPO) and (or) secondary (SPO) public placement of shares of which will be carried out in the international and domestic stock markets, according to appendix No. 2;

(c) The mechanism of realization of separate large enterprises with participation of the state according to appendix No. 3;

() Structure of the working group on coordination of works on preparation for privatization of blocks of shares (shares) in the authorized capital of large enterprises with participation of the state according to appendix No. 4 and its the main objectives according to appendix No. 5.

3. State commission on privatization of the state assets and coordination of processes of privatization (A. Aripov) (further - State commission on privatization) in ten-day time to approve "road maps" of exposure to the biddings of blocks of shares (shares) in the authorized capital of large enterprises with participation of the state on the separate companies, having provided the specific mechanism of implementable measures and responsible persons.

4. To agency on management of the state assets (further - the Agency on the state assets):

(a) till July 1, 2025, taking into account the proposal of the attracted professional consultants and based on guarantee of the Department of Energy on the minimum supply rate of fuel to announce the open public tenderings of thermal power plants in the international market;

(b) following the results of execution of the approved measures to put up for sale the state share in the authorized capital of JSC Uzmetkombinat.

III. The mechanism of realization of the state assets in the international markets

5. Establish procedure according to which under the organization of processes of exposure to the public biddings and realization of the state assets within this resolution:

(a) The Ministry of Economics and finance develops model and the schedule of privatization of the state assets proceeding from environment of the international financial markets, production capacities and requirements of strategic investors and submits them for approval of State commission on privatization;

(b) The agency on the state assets attracts the authoritative international professional organizations and legal consultants to implementation of process of the international open public tenderings;

(c) The agency on the state assets or JSC UzAssets Investment Company is attracted by the estimative organizations which are part of "Big Four" on the basis of selection of the best offers without conducting examination of the agreements signed with them;

(d) the cost or price range determined by the international professional organizations for the purposes of realization of the state assets (irrespective of requirements of the national standard of estimative activities), are considered as reference point in the course of the biddings;

(e) the valuation report of the attracted estimative organizations is not subject to examination in which determined price is used as reference point in case of determination of starting cost of the state asset;

(e) State commission on privatization approves model and schedules of privatization of the state assets and coordinates implementation processes.

IV. Organization, providing and control of execution of the resolution

6. To the agency on the state assets together with the Ministry of Economics and finance till December 1, 2025 with involvement of professional consultants and experts of international financial institutions to develop Strategy of reforming and privatization of the state companies till 2030 and to provide its entering into the Cabinet of Ministers.

7. To the agency on the state assets together with the Ministry of Foreign Affairs, the Ministry of investments, industry and trade, the Ministry of Economics and finance, the Agency of information and mass communications for the purpose of the organization of the biddings in the international markets of assets, privatizeable based on this resolution, and also involvement of potential investors to take measures for the organization of large-scale advertizing and explanatory work together with foreign mass media and PR - the consulting companies and to holding the presentations ("Road Show") at the international forums.

8. Assign responsibility for the effective organization of execution of this resolution to the deputy prime minister D. A. Kuchkarov, and also the director of the Agency on management of the state assets A. Zh. Ortikov.

9. Quarterly discussion of course of execution of this resolution, implementation of coordination and control of activities of the departments responsible for its execution to assign to the Prime Minister of the Republic of Uzbekistan A. N. Aripov.

Appendix No. 1

to the Resolution of the President of the Republic of Uzbekistan of April 21, 2025 No. PP-145

The list of blocks of shares (shares) exposed on the public biddings in the international and domestic markets with involvement of professional consultants

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