Uzbek Metallurgical Plant is preparing to place an additional block of shares on the exchange, follows from the data of the tender section of the Uzbek Commodity Exchange website.
The company wants to find an underwriter who will help it carry out a follow-on public offering (FPO) on the Tashkent Stock Exchange. Now the state owns 80.68% of the plant’s shares.
According to the attached documents, up to 5% of the shares of Uzmetkombinat will be placed under the FPO. It is planned to do this by the end of 2022.
It is noted that this step corresponds to the capital market development program approved in April 2021 – it provides for the IPO of the plant. The company also expects to organize an international public offering in 2023-2025.
Applicants are evaluated according to a number of criteria. So, they must have qualifications and experience in the capital markets, including in metallurgy. In addition, they are expected to prepare recommendations on the size and structure of supply, analysis of expected demand, etc.
The plant offered a starting price of $550 000. Applications from applicants for the provision of services are accepted until April 25.
The net profit of Uzbek Metallurgical Plant in 2021 amounted to almost 1.5 trillion soums, an increase of 7 times compared to the previous year. At the meeting of shareholders, it was decided to send profits for capitalization to the authorized fund of the enterprise.
On March 14, the stock exchange suspended trading with the plant’s shares, and on March 29, also with preferred securities.