BAKU, Azerbaijan, June 19
By Ilkin Seyfaddini - Trend:
The state share of NamanganVino JSC was sold at an online auction for $981,050, Trend reports citing the State Assets Management Agency of Uzbekistan.
The 57.2 percent of the shares were purchased by Mexmash LLC.
NamanganVino JSC was founded in 1941. The winery is profitable, however, according to the State Assets Agency, indicators are falling: net profit made up 1.7 billion soum in 2017 ($166,778), 2.1 billion soum ($206,020) in 2018 and 700 million soum ($68,673) in 2019.
Mexmash LLC, a company producing steel pipes and fasteners, was founded in 1982 in Namangan.
In December 2019, President of Uzbekistan Shavkat Mirziyoyev ordered to significantly reduce the state's share in the economy. Draft strategy for the period from 2020 through 2025, a privatization plan and rules of introduction of corporate governance have been developed.
It is planned to reduce the number of enterprises with state participation by 81 percent, to leave the state only 554 enterprises, and sell the rest.
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