85.6% State Share of Foton JSC Privatized for 151 Billion UZS
“The State Share in ‘Foton’ JSC Sold for 151 Billion UZS to ‘Havvo Group’ LLC”
In a recent business deal, the state share in the charter capital of “Foton” JSC has been sold for a whopping 151 billion UZS to “Havvo Group” LLC. This transaction marks a significant milestone for both companies involved.
The buyer, “Havvo Group” LLC, has big plans for the future of “Foton” JSC. They aim to increase the company’s production volume, diversify its range of products, expand its geographical scope of sales, improve management efficiency, and implement modern corporate governance systems to ensure sustainable development.
What is particularly noteworthy about this deal is that the buyer’s offer was at the higher end of the indicative price range calculated by the consultant and above the assessed value of the company, as reported by the State Assets Management Agency.
For context, in 2023, “Foton” JSC produced 14,500 units of products, with a net revenue amounting to 36.4 billion UZS and a net profit of 1.4 billion UZS. The company also had net assets of 20.1 billion UZS and liabilities of 1.8 billion UZS.
Overall, this sale represents a promising new chapter for “Foton” JSC under the ownership of “Havvo Group” LLC. It will be interesting to see how the company grows and evolves in the coming years under its new leadership.
