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30 December 2022

The state shares in the authorized capital of Humo Air LLC are privatized

According to relevant privatization programs, State Assets Management Agency informs that it reached an agreement (Deal) with Swiss company Valleyroad Capital S.A. (Buyer) on the sale of 100% state share in authorized capital of Humo Air LLC (Company) for 27.2 billion UZS with obligation on development of air fleet and increasing local flights in 2023-2026.

As part of the Deal, the Buyer undertakes the following obligations:

  • The Company purchases 18 aircraft by 2026, including 3 aircraft by the end of the second quarter of 2023, with launching flights in the first half of 2023;
  • Increasing the number of domestic flights to 16 weekly in the initial phase and increasing it to 60 over the next five years;
  • Organization of the staged renewal of the aircraft fleet of special (agricultural and public sector) aviation;
  • Attracting qualified foreign specialists with long-time experience in aviation to manage the airline;
  • Ensuring that at least 80 percent of the airline's employees are residents of Uzbekistan;
  • Organizing new flights at affordable prices, including on routes not served by other airlines of the Republic of Uzbekistan.

The acquisition of the Company by a foreign investor under the above conditions will contribute to the development of a competitive environment through private sector entry into the civil aviation market, mitigate the demand for domestic flights and provide air transportation services to passengers at affordable prices.

For information: Valleyroad Capital S.A., founded in Switzerland in 2006, is an independent corporate finance company serving large businesses and entrepreneurs in Switzerland and internationally. With more than a century of combined experience of team members, Valleyroad Capital S.A. offers extensive and diverse corporate finance experience across a wide range of industries and countries. The activities of foreign investor in Uzbekistan are carried out by Valleyroad Capital LLC, established by it with 100% shareholding.

Humo Air LLC was established on the basis of the property of the SUE "Airline of Special Air Operations " in 2020. The authorized capital of Humo Air LLC includes 43 An-2 airplanes, aircraft engines, flight simulators and other property.

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