The State Assets Management Agency of the Republic of Uzbekistan established an investment company (UzAssets) to find buyers for a state stake in Qizilqumsement. The Government of Uzbekistan owns a 35.9 % stake in Qizilqumsement, which it had listed for sale for private investors via UzAssets. The controlling stake (51.02 %) belongs to Uzpromstroymaterialy, and minority shareholders own 13.8 % of the shares.
UzAssets received state shares of ten enterprises at their nominal value for further resale. The net profit (after covering the costs of pre-sale preparation) should go to the accounts of the State Asset Management Agency.
Qizilqumsement is the largest cement producer in Uzbekistan, with a design capacity of 3.8 million tpa. In Q1 2020, Qizilqumsement's net profit increased by 78.3 % YoY.
