The key facts

  • The state stake of 92.9% of UzPost shares was transferred to trust management of WB INT EXPORT (100% subsidiary of Wildberries) under contract No. 01/3-94 dated December 30, 2025 for a period of one year
  • Head of SAMA Sokhibjon Murodov stated on October 8 that there was no trust management contract, only a cooperation agreement
  • The shareholders meeting did not approve a 100 billion soums loan from Wildberries, but elected a supervisory board where the majority of seats went to Wildberries representatives

Trust management contract confirmed by minutes

The national postal operator O’zbekiston pochtasi (UzPost) has been placed under trust management. This follows from the minutes of the extraordinary general meeting of shareholders dated September 21, published on the Unified Portal of Corporate Information. According to the document, the trust management contract (No. 01/3-94) for the state stake of 92.9% of shares was concluded on December 30, 2025. According to Spot.uz, the state stake was transferred to LLC WB INT EXPORT — a 100% subsidiary of Wildberries — for a period of one year based on a Cabinet of Ministers resolution dated October 13, 2025. Gazeta.uz specifies that a month before the agreement was concluded, WB INT EXPORT received a license for trust management of investment assets, and based on the contract nominated five candidates to the UzPost supervisory board, all of whom were elected. The published minutes contain no information about the termination of the contract; the full text of the agreement and the terms of the transfer are not disclosed.

Contradiction with statements by the State Assets Management Agency

On October 8, Kun.uz correspondent Madina Ochilova at a press conference of the Agency for State Assets Management stated that UzPost had been transferred to Wildberries under trust management based on a 'closed document'. The head of the Agency, Sokhibjon Murodov, then replied: 'As of today, there is no trust management contract. There is only a cooperation agreement. This cannot be directly called trust management.' Earlier, in September, the deputy head of the Agency, Alisher Miraliyev, in an interview with Spot called reports about the partial privatization of UzPost rumors without grounds, noting that when a shareholder changes, the issuer is obliged to disclose changes in ownership. According to him, negotiations on the sale of UzPost are not underway and there is no decision on privatization.

Shareholders meeting: loan rejected, board renewed

At the September extraordinary general meeting, the shareholders represented by the Agency for State Assets Management did not approve a 100 billion soums loan from Wildberries. At the same time, a new composition of the supervisory board was elected for a term of three years, in which the majority of seats went to Wildberries representatives, including the general director of LLC WB INT EXPORT Akmal Primkulov. Earlier, Spot reported that UzPost planned to receive an interest-free loan of 360 billion soums from Wildberries.

Background: reports of privatization and investor interest

In June 2025, Aloqabank, the Ministry of Economy and Finance and legal entities associated with it were removed from the list of affiliated persons of UzPost; they were replaced by the Agency for State Assets Management, structures associated with it, and the National Investment Fund (UzNIF), each with a stake of 20%. In September, the 25% of shares that were originally planned to be transferred to UzNIF went to the Agency. On October 12, 2025, information appeared about the privatization of UzPost with a mention of Wildberries; the next day the company confirmed plans to attract investors for modernizing infrastructure, developing logistics, implementing digital solutions and expanding the network of branches, including in rural areas. A source of Spot reported that the state stake was acquired by RVB (the merged company Wildberries & Russ); RBC, citing two sources on the Russian market, also wrote about Wildberries' participation in the privatization. The digital ecosystem Uzum expressed readiness to invest in UzPost and increase the share of deliveries through postal infrastructure to 10% of orders on Uzum Market, announcing plans to invest $1.5 billion in Uzbekistan in the next 3–4 years, and later reported submitting a bid to participate in the tender. In October, the Anti-Corruption Agency demanded that the Agency for State Assets Management ensure openness and transparency of the tender for the 29.4% state stake and reminded of the requirements to publish information about privatized assets on the Open Data Portal.