Tashkent, Uzbekistan (UzDaily.com) -- Swiss company Valleyroad Capital S.A. will acquire a 100% state stake in the authorized capital of Humo Air for 27.2 billion soums. This was reported by the State Assets Management Agency of Uzbekistan.

According to the agency, Valleyroad Capital S.A. made a commitment to develop the company’s fleet and increase local air traffic in 2023-2026.

In particular, the company must purchase 18 aircraft by 2026. At the same time, three aircraft will be purchased by the end of the second quarter of 2023. Humo Air is due to launch flights in the first half of 2023.

As part of the commitments made, the Swiss company must increase the number of domestic flights to 16 per week at the initial stage and up to 60 in the next 5 years.

Valleyroad Capital S.A. will gradually renew the aircraft fleet of special (agricultural and national) aviation, as well as attract qualified foreign and local specialists.

The airline must organize new flights at the best prices, including on routes not served by other airlines in Uzbekistan.

Valleyroad Capital S.A., founded in Switzerland in 2006, is an independent corporate finance company serving large enterprises and entrepreneurs in Switzerland and internationally. With over a century of combined team members experience, Valleyroad Capital S.A. offers extensive and diversified experience in corporate finance across a wide range of industries and countries. The activity of a foreign investor in Uzbekistan is carried out by Valleyroad Capital LLC, established by him with a 100% stake.

Humo Air was created on the basis of the property of the State Unitary Enterprise (SUE) Airline for Special Aviation Works (AK SAR) in 2020. 43 An-2 aircraft, aircraft engines, flight simulators and other property were transferred to the authorized capital of Humo Air.