Shareholders of the national postal operator UzPost elected a new supervisory board for a three-year term. Of its nine members, five are affiliated with LLC "RVB" — the combined company Wildberries & Russ.

The previous board's authority was terminated early; all participating shareholders voted for this decision. The meeting took place on September 21 with a quorum of 93.69%, and the material fact was published on October 2.

Who joined the board

From marketplace structures:

  • CEO of LLC "WB INT EXPORT" Akmal Primkulov;
  • director of investments and control department of LLC "RVB" Evgeny Mitin;
  • deputy director of legal department of LLC "RVB" Emil Khasyanov;
  • CFO of LLC "RVB" Pavel Logunov;
  • director of regional development management department of LLC "VB Bank" Alexandra Khmeleva.

From government and independent members: first deputy minister of digital technologies Oleg Pekos, specialist of the Accounts Chamber Shahzod Usarov, head of the Ministry of Economy department Muzzafar Astonkulov, and independent member Roger Crook.

100 billion soums loan not approved

A major transaction was considered separately — attracting a loan of 100 billion soums from LLC "WB INT EXPORT" at the Central Bank refinancing rate.

The package also included approval of a repayment schedule and share buyback at shareholder request at market price by November 2 with subsequent cancellation.

The voting result was unusual: 100% of those voting abstained, and no decisions were made.

How to interpret this

Universal abstention is not a rejection of the deal but a postponement. With direct voting "against," the matter would be considered withdrawn; abstention leaves room to revisit it later, possibly under different terms.

This outcome with five creditor representatives in the new board appears as a divergence between corporate control and the financial terms of this specific transaction.

Context: a year of uncertainty

The operator story has been developing since autumn 2025, when the state stake of 25% was transferred to the State Asset Management Agency.

Timeline:

  • October 2025 — reports emerged about privatization with a Russian marketplace as buyer;
  • the company confirmed investment plans, citing e-commerce growth and declining demand for traditional postal services;
  • Uzum digital ecosystem announced investment readiness and submitted a tender bid;
  • the Anti-Corruption Agency demanded procurement transparency.

In September 2026, SAMA deputy head Alisher Miraliiev called privatization reports rumors, emphasizing that a shareholder change would require mandatory disclosure by the issuer.

What now

Formally, the ownership structure unchanged — no shareholder change disclosure was published. Yet representatives of one group gained majority in the body determining company strategy.

The distinction between ownership and control is crucial here and also explains why privatization remained in public discussion all year.

For investors, this case is instructive: corporate events of this scale are disclosed in the Unified corporate information portal, and tracking them there is where issuer share prices are verified.

This material is informational and not an investment recommendation.