Turkish Firm Acquires Majority Stake in SamAuto for $80M

A Turkish investor has acquired a 75.2 percent state stake in Samarkand Automobile Plant LLC (SamAuto) for $80 million and has pledged to invest an additional $80 million in the company's future development.

The State Assets Management Agency announcedd that Anadolu Isuzu, a Turkish automotive manufacturer, acquired the state-owned shares, The Caspian Post reports, citing Uzbek media.

In addition to the purchase price, the investor will provide $80 million in additional funding to support SamAuto’s expansion.

According to the agency, the investor obtained all required approvals from the relevant regulatory authorities in Turkey to finalize the transaction. The sale and purchase agreement was signed on November 19, and the $80 million payment was transferred to the Privatization Fund of the State Assets Management Agency on December 9.

On December 10, UZS 1 trillion was transferred from the Privatization Fund to the state budget.

As part of the investor’s commitments, a corresponding investment agreement will also be concluded.

Planned initiatives include establishing production of large-capacity buses and electric buses (12-18 meters) in Uzbekistan, setting up licensed service centers nationwide, and exporting buses to Central Asia, the South Caucasus, the Middle East, and Africa.

For reference, the remaining shareholders of SamAuto are ITOCHU Corp. and ISUZU Motors Ltd. of Japan, each holding a 12.4 percent stake.