Shares of 31 large enterprises with state shares are transferred to the balance sheet of the Agency for Strategic Reforms

The President approved a list of 31 large enterprises with state shares to be reformed and improve operational efficiency in 2023-2025. Among them are NMMC, AGMK, Uzbekugol and Uzbekneftegaz. Their shares are transferred to the Agency for Strategic Reforms, and UzAssets will be in charge of management. This was reported by “Gazeta.Uz”.

On March 1, President of Uzbekistan Shavkat Mirziyoyev signed a resolution on measures to accelerate the processes of reforming enterprises with the participation of the state (PP-83).

The document approves a list of 31 large state-owned enterprises subject to reform and increase in operational efficiency in 2023-2025. Their shares from the State Assets Management Agency and other ministries are transferred to the balance sheet of the Presidential Agency for Strategic Reforms, which is entrusted with the task of reforming these companies.

UzAssets is entrusted with additional tasks for:

• reforming large enterprises that are important for the economy, including the introduction of environmental, social and corporate governance (ESG) principles, as well as the involvement of the private sector;
• increasing profitability and operational efficiency, ensuring the financial stability of enterprises and optimizing business processes;
• ensuring effective management and stable development of enterprises transferred to its management, as well as increasing their value and investment attractiveness by implementing recommendations on corporate governance of the Organization for Economic Cooperation and Development (OECD);
• attraction of domestic and foreign qualified managers to the executive body and the supervisory board of enterprises.

International consulting, auditing, investment consultants, investment banks and special companies will now be involved by selecting the best offers. At the same time, contracts concluded with them will not go through an examination.

The requirement to have own tangible assets in the amount of at least 5% of the average annual value of managed investment assets will not apply to UzAssets.