As of 18 Nov 2025, TBC Capital LLC joined the Republican Stock Exchange “Toshkent” as member No. 503.

#CapitalMarkets

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BYD Uzbekistan Factory LLC intends to localize copper wire and rubber parts in 2026, and potentially batteries in the future depending on production scale.

#Transport #Industrials

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Uzbekistan will raise salaries, pensions, and benefits above inflation until 2030, while pension reform aims to cut budget transfers to the Pension Fund from 23trln UZS in 2026 to 18trln UZS by 2028, even as pensioners increase by nearly 489,000.

#FiscalPolicy #Macroeconomics

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Uzbekistan’s 2026 budget to keep core tax rates unchanged (profit tax 15%, VAT and PIT 12%, social tax 25% for budget organizations and 12% for others, turnover tax 4%, property tax 1.5%), while marketplace sellers move to general rates (profit tax 15%, turnover tax 4%), small entrepreneurs under 1bln UZS turnover pay 1% turnover tax, fixed PIT and certain SME tax breaks are abolished, and land, property, and resource taxes indexed by around 7%.

#FiscalPolicy #Macroeconomics

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"UzAuto Motors" JSC (UZMT, UZ7003040001) has announced the payment of dividends for the 9M 2025.

The dividend per share amounts to 4,642 UZS.
The dividend payment will be made through the CSD.
The current share price is 52,500 UZS.

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IMF staff mission to Uzbekistan (Nov 17–25, 2025) reported GDP growth of 7.6% y-o-y in Jan–Sep and projected full‑year growth above 7%, with reserves equal to 12 months of imports and inflation easing toward the 5% target by 2027; the statement urged restraint in fiscal spending, continued tight monetary policy at 14%, faster banking reforms, privatization, and governance measures to support stability and WTO accession.

#Macroeconomics #FiscalPolicy

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Uzum LLC attracted 300bln UZS (around $25mln) from U.S. fund VR Capital, valuing the ecosystem at around $1.5bln. Funds will accelerate fintech expansion (digital banking, payments, consumer lending), with plans for a $300mln eurobond in 2026 and overseas IPO in 2027.

#ForeignInvestment #Technology

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Uzbekistan’s Ministry of Economy and Finance projects 2025 GDP growth at 7% (vs. 6% earlier), with output reaching 1.72quadrln UZS and per capita $3,589; growth is driven by services (+13-15%), industry (+6.7%), agriculture (+4.1%), while construction slows to 12.7%, supported by rising household consumption (+7-7.5%) from remittances, credit, and indexed social payments.

#Macroeconomics

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Enterprise Uzbekistan International Center for Digital Technologies LLC will be created under presidential decree with a special regime based on English law and global financial standards. Residents will operate in software, outsourcing, AI, cloud, and IT education, supported by a regulatory sandbox covering taxation, customs, labor, finance, data, IP, and dispute resolution.

#Technology

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WB Taxi, a subsidiary of Wildberries, will launch in Uzbekistan with a closed‑club pilot for employees and partners.

#Transport

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Microfinance company Biznes Finans has decided to issue bonds.

Maturity period - 720 days (2 years)
Par value - 100,000 UZS
Total volume - 10 bln UZS
Coupon rate - 27%
Coupon payments - monthly
Placement expected - January 2026

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Uzelectronics Trading Center LLC, created with Uzeltеchsanoat Association and the state Company for Trade Development, opened in Mazar‑i‑Sharif showcasing electrical products from 25 Uzbek brands. Plans include a Kabul branch and raising exports to $10mln in 2025, supported by a new UzRTSB foreign trading platform.

#Trade

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In Uzbekistan, the share of the shadow economy has decreased from 50% in 2017 to 35% in 2024. In the near future, there is potential to further cover an additional 79trln UZS of the unobserved economy, reducing its share to 29%.

#Macroeconomics

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In Jan-Oct 2025, Uzbekistan’s gas imports from Turkmenistan and Russia fell 16% to $1.12bln, while exports to China rose 5.1% to $568.2mln, but Chinese customs data show $695.5mln (+18.3% y-o-y), highlighting discrepancies.

#Trade #OilAndGas

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Since the beginning of 2025, the Uzbek soum strengthened by more than 7% against the dollar. This slowed import inflation, reduced exchange‑rate expectations from 51% to 22%, expanded soum money supply to 282.3trln UZS (+28.1%), cut external debt servicing costs (-4.7% state, around -5% business, 4.9trln UZS saved).

#Macroeconomics

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Uzbekistan decreed the launch of a stablecoin payments sandbox from 1 January 2026, alongside a $50mln CB venture fund, an innovation hub, tokenized securities trading, 50% training cost compensation, annual fintech forums, and open banking by September 2026.

#Regulation #CapitalMarkets #VentureCapital #Technology

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Disclosures of Material Corporate Events

#CapitalMarkets #Financials #MergersAndAcquisitions

- AGAT CREDIT JSC corporate bonds will accrue 2,378.08 UZS per bond, equal to 2.37% of par value; payments are scheduled between 22 Nov and 5 Dec 2025 in cash;
- O‘zbekiston Ipotekani Qayta Moliyalashtirish Kompaniyasi (O'zIQMK) JSC created subsidiary UMRC SPV LLC with 100% ownership;
- Tadbirkorlikni Rivojlantirish Kompaniyasi JSC acquired 100% of Biznesni Kafolatlash Milliy Kompaniyasi JSC, equal to 100mln ordinary shares worth 100bln UZS;
- Biznes Finans Mikromoliya Tashkiloti LLC approved issuance of 100,000 corporate bonds with par value 100,000 UZS each, totaling 10bln UZS, at 27% annual coupon; maturity set at 720 days, coupon payments every 30 days, redemption at par on day 721;
- Imkon Finans Mikromoliya Tashkiloti JSC set income payments on corporate bonds at 23,013.7 UZS per bond, equal to 2.3% of par value;
- UzAuto Motors JSC (UZMT) allocated 1.26trln UZS to dividend payments for 9M 2025 results, setting 4,642 UZS per share to be paid via the Central Securities Depository;
- O‘zbekekspertiza JSC repurchased 23,323 ordinary shares from 8 shareholders at 78,986 UZS each, totaling 1.842bln UZS; meanwhile, the proposal to allocate 10bln UZS for construction of a modern Exhibition Center in “Yangi Namangan” was deferred pending instructions from the State Assets Agency;
- Gidromaxsusqurilish JSC disclosed that O‘zbekgidroenergo JSC acquired 227,329 shares, equal to 97.44% of its charter capital (valued at 9.999bln UZS);
- Invest Finance Bank JSC (InFinBank) disclosed dividend payments total 62bln UZS accrued and fully paid to shareholders, with no outstanding debt; payout period ran from 22 Sep to 21 Nov 2025;
- Makesense LLC corporate bonds will accrue income of 30,821,917.81 UZS per bond, equal to 6.16% of par value; payments are scheduled between 24 Nov and 1 Dec 2025 in cash;
- Saxovat Broyler JSC disclosed that Servolux SB LLC acquired 186,792,933,629 shares, equal to 51% of its charter capital (valued at 44.83bln UZS);
- Simurg JSC disclosed that shareholder Igor Vladimirovich Nenashev acquired 1,335,188 shares, equal to 97.12% of its charter capital (valued at 667.59bln UZS);
- Delta Mikromoliya Tashkiloti LLC corporate bonds will pay income of 21,369.86 UZS per bond (2.14% of par value, payable 23 Nov - 3 Dec 2025 in cash) and 23,013.70 UZS per bond (2.30% of par value, payable 22 Nov - 2 Dec 2025 in cash);
- O‘zbekiston Ipotekani Qayta Moliyalashtirish Kompaniyasi (O'zIQMK) JSC corporate bonds are set at a nominal value of 1,000,000 UZS per bond, with a total issuance of 200,000 bonds (200bln UZS). Bonds carry a 5‑year maturity, with a coupon rate not exceeding 17.5% annually, payable quarterly (20 periods). Early redemption is not envisaged except in cases of reorganization, liquidation, or invalid issuance;
- Contact Finance LLC corporate bonds will pay income of 1,726.03 UZS per bond, equal to 1.73% of par value; payments are scheduled between 23 Nov and 2 Dec 2025 via non‑cash transfers;
- O‘zbekiston Ipotekani Qayta Moliyalashtirish Kompaniyasi (O‘zIQMK) JSC concluded a related‑party credit agreement with Agrobank JSCB on 18 Nov 2025 for 85.2blnUZS.