Uzbekistan to sell plant

The government of Uzbekistan is placing almost half of Almalyk Integrated Mining & Metallurgical on the auction block.

Under the proposed privatization, the first of its kind in the former Soviet republic, 46.5% of the company’s shares will be auctioned off by July 1999 to a foreign investor. The remaining interest in the company, which was the country’s largest producer and processor of copper during the Soviet era, will be held by the government, as well as by employees and other investors.

The World Bank will monitor the proceedings and provide the government with $28 million to establish two privatization bureaus.

The assets of Almalyk, last valued at more than US$1 billion, will be re-assessed before the tender is offered.