United Cement Group privatises Qizilqum Cement

United Cement Group is privatising Qizilqumcement JSC, according to the investment company UzAssets, which operates under the State Assets Management Agency of Uzbekistan.

UzAssets reached an agreement on the sale of a 86.92 per cent stake held by the Uzbek state to United Cement Group through United Cement Group plc for UZS1.89trn. The cost of the transaction significantly exceeds the level of recent similar transactions in the industry, UzAssets notes.

United Cement Group undertook obligations to maintain the number of personnel and the level of wages, obligations to train personnel, preserve dispensaries, implement the approved programme of environmental modernisation and greening of territories, support social projects in Navoi region, as well as regular assistance in organising sports events and developing sports in the republic, according to Uzbekistan Daily.