According to Nodirjon Jurayev, project coordinator at the Presidential Administration, the initial public offering of shares of the National Investment Fund of Uzbekistan (UzNIF) will provide experience necessary to support future privatization processes of state enterprises.
During a panel discussion at the Silk Road Finance and Technology Forum, held at the Tashkent International Financial Center, Jurayev noted that UzNIF currently manages shares in thirteen state companies. Although these enterprises remain state assets, the work through the fund is aimed at improving their corporate governance practices.
Jurayev emphasized that thanks to UzNIF, state companies will gain the necessary expertise and experience in corporate governance. Furthermore, the fund functions as a tool for accumulating operational experience before subsequent privatizations, as most of the thirteen companies in the portfolio are included in the list of organizations scheduled for privatization.
The project coordinator also drew attention to the significant interest in the UzNIF IPO from retail investors. This was the first time such a project attracted substantial participation from private investors alongside institutional ones. He added that public involvement in such offerings promotes the development of a culture of equity investment and supports the overall development of the Uzbek capital market.