Tashkent, Uzbekistan (UzDaily.com) —  On 19 November, a major transaction involving shares of the Almalyk Mining and Metallurgical Complex (AGMK) took place on the Tashkent Stock Exchange.

According to the exchange, 175,472,021 shares were sold during the transaction, accounting for 24.7% of the company’s total issued shares. Each share was sold at a price of 69,499 soums, which is 17.7 times higher than its nominal value.

The total transaction volume amounted to 12.195 trillion soums (approximately US$954.3 million at the Central Bank’s exchange rate), marking a record result in the history of the stock exchange.

The share issuance was approved during the shareholders’ meeting in August and received state registration on 7 October. The Fund for Reconstruction and Development of Uzbekistan (FRDU) received the shares as repayment for a loan provided to AGMK for the development of the "Yoshlik-1" deposit.

An additional share issuance of up to US$1 billion was authorized under a presidential decree issued in 2020. Based on the latest share price, the state company’s expected market capitalization is estimated at US$3.9 billion.

It is worth noting that on 16 October, Shavkat Mirziyoyev inaugurated the construction of a new copper enrichment plant at AGMK.

The US$5.3 billion project, being implemented with the participation of British engineering firms Wood and WorleyParsons, is aimed at developing the "Yoshlik-1" deposit.