HAVVO GROUP won the sale of an 85.58% state stake in Foton for UZS 151 billion. The winning offer was at the upper end of the adviser range and above the appraised value.
Foton produced 14,500 units in 2023. Its 2023 net revenue was UZS 36.4 billion and net profit was UZS 1.4 billion. Reported net assets were UZS 20.1 billion and liabilities were UZS 1.8 billion.
The sale provides a transparent industrial-privatisation benchmark; the price-to-net-assets comparison suggests a control premium but does not replace a full business valuation.
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