Uzbekistan's State Asset Management Agency (UzSAMA) has announced the successful sale of 85.58% of the state's share in the authorized capital of Foton for UZS 151bn ($12.1mn). The transaction, conducted through a public offer with the involvement of a professional consultant, saw Havvo group emerge as the winning bidder under the privatization program.
The purchasing agency intends to bolster Foton's production capacity, diversify its product offerings, expand market reach, enhance management efficiency, and implement modern corporate governance systems to ensure sustainable growth.
The sale price exceeded both the indicative price range calculated by consultants and the estimated value of the enterprise, reflecting strong investor confidence in Foton's potential.
The privatization process received approval from the state commission overseeing asset privatization and coordination processes. In 2023, Foton reported producing 14,500 units, achieving a net income of UZS 36.4bn ($2.9mn) and a net profit of UZS 1.4bn ($111,903). The enterprise currently holds net assets totaling UZS 20.1bn ($1.6mn) with liabilities amounting to UZS 1.8bn ($143,876).
Founded in 1942, Foton operates across two production facilities spanning approximately 68,000 square meters. As of 2020, the enterprise employed 257 specialists, playing a significant role in the local economy.
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