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 May 24, 2024 Ankhor Invest owned 50.1% of the plant’s shares, while the remaining 49.9% were held by Uzbekistan’s Reconstruction and Development Fund, the country’s sovereign fund.
Ankhor Invest was established on February 9, 2022. The company specializes in the wholesale trade of fuel, ores, metals and chemicals, with a charter capital of 1.1 billion sums.
The Tashkent Metallurgical Plant was inaugurated in December 2020 with the participation of Uzbek President Shavkat Mirziyoyev. The project cost $420 million.
The total capital investment in the project amounted to EUR 334.5 million, including a EUR 164.56-million 10-year loan from the Russian Export-Import Bank, EUR 154.7 million in equity, half of which came from the Reconstruction and Development Fund, and EUR 15.1 million in credit from Asaka Bank.
Initially, the project was valued at EUR 278.2 million but grew to EUR 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 EUR 197.8 million, were the Reconstruction and Development Fund of Uzbekistan (49.9%, or EUR 98.7 million) and the Dutch company Metallurgical Technology and Engineering B.V. (50.1%, or EUR 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. (UzDaily)