A decision has been made in Uzbekistan to sell the 100% state stake in the Humo Air airline. This airline has been included in the list of state assets that will be put up for public auction according to a presidential decree signed on August 28.
It should be noted that Humo Air previously underwent a privatization process at the end of 2022. At that time, 100% of the company was acquired by the Swiss investment company ValleyRoad Capital S. A. for the amount of 27.2 billion soms, equivalent to 2.4 million US dollars. After this transition, the airline began operating under a low-cost carrier model.
According to the new document, the state now owns the entire stake in Humo Air again, and it must be sold through public tenders between 2026 and 2027. However, the decree does not contain information about when or on what grounds the airline returned to state ownership.
Meanwhile, open data from the Unified State Register of Enterprises and Organizations (EGRPO) as of September 8 shows a different ownership structure for Humo Air. The register indicates that 51% of the company's shares are still owned by ValleyRoad Capital, and the remaining 49% by the Agency for Management of State Assets (AUGA).
Representatives of the Agency for Management of State Assets explained to the publication 'Gazeta' that the agreement with the investor was terminated, resulting in the return of 100% of Humo Air's stake to the state. They added that the corresponding transfer of ownership will be formalized within a few days.
History of Humo Air Development
Humo Air was founded in January 2020 based on the state 'Special Aviation Works Airline'. Initially, the carrier was provided with 43 An-2 aircraft for short domestic flights, offering a more budget-friendly alternative to Uzbekistan Airways.
In December 2021, the airline began operating flights on the Fergana—Sokh—Fergana route, which were conducted twice a week. At the end of 2022, the state portion of Humo Air was sold to the Swiss ValleyRoad Capital S. A., which assumed several obligations. One such obligation was the purchase of 18 aircraft by 2026, including three aircraft by the end of the second quarter of 2023.
The initial plan assumed that the new owner would receive the first three aircraft and start regular low-cost flights by the end of June 2023. However, due to the late arrival of the aircraft, passenger transport only started in December. In the initial stage, Humo Air served routes from Tashkent to Nukus, Samarkand, Urgench, and Karshi. In January 2024, the route network was expanded by launching flights between Samarkand and Urgench, as well as flights from Tashkent to Fergana.
During that period, the airline's fleet included two Airbus A320-200 aircraft, which were leased from the Bulgarian company Fly2Sky.
Flight Suspension
At the end of February 2024, Humo Air announced a temporary suspension of all flights starting March 10 to conduct a 'reboot' and prepare for the launch of international destinations. In early March, the airline concluded an agreement with Fly2Sky to return both Airbus A320 aircraft. Humo Air representatives explained this decision by stating that the current terms of the lease agreement did not align with the planned business plan.
One aircraft was returned to the lessor on March 2, and the second was scheduled to complete its flights by March 10. At the same time, the airline reported that it expected to receive aircraft from a new lessor in April, after which it plans to resume regular flights. Humo Air planned to focus on international transport while maintaining domestic routes. Planned foreign routes included Alma-Ata, Istanbul, and Dubai. Furthermore, the carrier stated plans to conduct about 1000 flights and transport over 200 thousand passengers in the near future. Thus, several years after the first privatization, Humo Air has once again entered the state asset sales program.