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Uzbekistan to sell state shares in local Coca-Cola bottler

Uzbekistan to sell state shares in local Coca-Cola bottler
Photo: Coca-Cola Ichimligi Uzbekiston

Uzbekistan announced Friday it plans to sell government shares in a local company that bottles Coca-Cola, with Rothschild & Co retained as financial consultants for the future sale.

The government agency responsible for managing the ex-Soviet state's assets said in a statement that potential investors should express an interest in purchasing the shares before 1800 local time on December 31.

Coca-Cola Ichimligi Uzbekiston's revenues grew 46 percent in 2019 to reach UZS 1,455 billion, (approximately $140 million) according to the statement. Uzbekistan currently holds a 57.1 percent stake in Coca-Cola Ichimligi Uzbekiston, which controls nearly half of the local market for non-alcoholic drinks.

The minority stake is held by The Coca-Cola Export Corporation.

An October decree issued by President Shavkat Mirziyoyev called on the government to prepare 2,000 state assets for the latest round of privatisation.

Earlier this year the government announced that it had sold a controlling stake in a famous Soviet-era hotel in the capital Tashkent to a firm based in Singapore for $23.2 million.