According to the relevant privatization program, it is envisaged to privatize 2.6% of state shares in the authorized capital of the joint venture JSC “UZBAT A.O.” (hereinafter – UZBAT).

In accordance with Article 6 of the Law of the Republic of Uzbekistan “On joint-stock companies and protection of shareholders’ rights”, if the number of shareholders of a company does not exceed fifty and this is stipulated in the company’s charter, a shareholder intending to sell his shares must notify other shareholders in writing, either directly or through the company, indicating the price and terms offered to a third party.

In the section of the UZBAT Charter concerning the pre-emptive right of shareholders to acquire shares, it is stipulated that the shareholders of the company have the pre-emptive right to purchase shares sold by other shareholders, in proportion to the number of shares they own and at the price and on the terms offered to a third party. Furthermore, if the shareholders do not exercise their pre-emptive right, the company UZBAT itself obtains the pre-emptive right to purchase the shares offered for sale.

The 2.6 percent state share in the authorized capital of UZBAT was valued with the involvement of an independent appraisal organization, and the accuracy of the valuation report was verified through an expert review.

The State Assets Management Agency notified in written form the shareholders of UZBAT and the company itself about the possibility of acquiring the mentioned state share at the appraised value under their pre-emptive right.

In turn, the foreign shareholder of UZBAT - BAT Uzbekistan (Investment) Limited (United Kingdom) expressed its intention to exercise its pre-emptive right and purchase the 2.6 percent state share in UZBAT at the appraised value.

In this regard, on September 29, 2025, a sale and purchase agreement was signed between the State Assets Management Agency and BAT Uzbekistan (Investment) Limited, providing for the sale of 2.6 percent of the state share in the authorized capital of UZBAT to BAT Uzbekistan (Investment) Limited at the appraised value of 269.7 billion soums.