Tashkent, Uzbekistan (UzDaily.com) — Ankhor Invest has become the majority shareholder of the Tashkent Metallurgical Plant (TMP). This information is confirmed by the Competition Development and Consumer Protection Committee, which grants preliminary approval for mergers, acquisitions, and share transactions.

According to TMP’s official website, as of 23 May 2024, Ankhor Invest owns 50.1% of the plant’s shares, while the remaining 49.9% are held by Uzbekistan’s Reconstruction and Development Fund, the country’s sovereign fund.

Ankhor Invest was established on 9 February 2022. The company specializes in the wholesale trade of fuel, ores, metals, and chemicals, with a charter capital of 1.1 billion soums.

The Tashkent Metallurgical Plant was inaugurated in December 2020 with the participation of Uzbek President Shavkat Mirziyoyev. The project cost US$420 million.

The total capital investment in the project amounted to €334.5 million, including a €164.56 million 10-year loan from the Russian Export-Import Bank, €154.7 million in equity—half of which came from the Reconstruction and Development Fund—and €15.1 million in credit from Asaka Bank.

Initially, the project was valued at €278.2 million but was increased to €334.5 million due to expanded production capacity, which also extended the payback period from 8.6 to 9.3 years.

The plant, covering 49.7 hectares, was built by the Russian group Metprom, which served as the designer and general contractor. It is equipped with advanced technologies and automated machinery supplied by the Italian company Danieli.

Originally, the founders of the joint venture “Tashkent Metallurgical Plant,” with a charter capital of €197.8 million, were the Reconstruction and Development Fund of Uzbekistan (49.9%, or €98.7 million) and the Dutch company Metallurgical Technology and Engineering B.V. (50.1%, or €99.1 million).

Subsequent changes occurred in the project when SFI Management Group, which oversaw its implementation, proposed its participation. As a result, Metallurgical Technology and Engineering B.V.’s share was reduced to 41.9%, while SFI Management Group acquired an 8.2% stake.