President of Uzbekistan Shavkat Mirziyoyev signed a decree to improve the work of the National Investment Fund. The document changes the composition of the fund's assets: a portion of bank shares and the aviation company's shares are transferred to the Ministry of Economy and Finance, while the fund acquires stakes in other companies.
Which assets are transferred to the ministry
Shares of Uzbekistan Airports and Business Development Bank, which belong to the fund, will be transferred to the Ministry of Economy and Finance. The ministry will also receive securities of Microcreditbank. The ministry will receive these securities by reducing the state's share in the fund.
What the investment fund will receive
The fund will additionally receive 20% of Uzbekhydroenergo shares and 10% stake in Uzbekinvest.
A separate scheme is provided for Uzpromstroibank. The 30% stake owned by the Reconstruction and Development Fund will be transferred to the Ministry of Economy and Finance for subsequent transfer to the investment fund.
Context
Earlier it was reported that Uzbekistan's investment fund plans listings in Tashkent and London.
For investors, the decree means redistribution of control over stakes in several major state companies and banks. The article does not specify the transfer timelines and share sizes of Uzbekistan Airports, Business Development Bank, and Microcreditbank.