The State Assets Management Agency has announced that an agreement had been reached with the Swiss company Valleyroad Capital S.A. on an acquisition of a 100% state stake in Humo Air for 27.2 billion soums, with a liability to develop the company's fleet and increase local air traffic in 2023-2026.
As part of the transaction, the buyer is obliged to:
- purchase 18 aircraft by 2026, including 3 aircraft by the end of the second quarter of 2023, with the launch of flights in the first half of 2023;
- increase the number of domestic flights to 16 per week at the initial stage and up to 60 in the next 5 years;
- organize of a phased renewal of the aircraft fleet of special (agricultural and national) aviation;
- involve qualified foreign and local specialists to the management of the airline;
- employ at least 80 percent of the airline's fleet from Uzbek citizens;
“The acquisition of the company by a foreign investor under the above conditions will contribute to the development of a competitive environment due to the entry of the private sector into the civil aviation market, softening the demand for domestic flights and providing air transportation services to passengers at affordable prices,” the agency noted.
Valleyroad Capital S.A., founded in Switzerland in 2006, is an independent corporate finance company serving large enterprises and entrepreneurs in Switzerland and internationally. With over a century of combined team members' experience, Valleyroad Capital S.A. offers extensive and diversified corporate finance experience across various industries and countries. Valleyroad Capital LLC carries out the activities of a foreign investor in Uzbekistan.
Humo Air was established on the basis of the property of the state unitary enterprise Airline for Special Aviation Works (AK SAR) in 2020. 43 An-2 aircraft, aircraft engines, flight simulators and other property were transferred to the authorized capital of Humo Air.
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