• Created: 16.10.2024
• Updated: 16.10.2024
• Read: 102

London Stock Exchange hosts ceremony to celebrate NMMC’s Inaugural Notes Offering

In an increasingly competitive and globalized world, it is essential that Uzbekistan’s economy continues to move along its path of development. President of the Republic of Uzbekistan, Shavkat Mirziyoyev set the course, and his initiatives included the transformation of Navoi Mining and Metallurgical Company (NMMC) into a major participant in international financial markets. This effort is now underway and is being achieved through the implementation of best corporate governance practices, the expansion of NMMC’s production capacity, and by attracting foreign investment.

A Presidential Decree issued on May 22, 2024 set a number of key objectives for transforming NMMC into a modern enterprise with a long-term resource base, and one capable of independently financing its investment programs without state support or guarantees owing to its operational efficiency. The decree also outlined the need to implement a multi-level investment management system based on international experience, to receive international credit ratings, and to issue corporate bonds internationally.

As a result of the timely and effective execution of these tasks, on October 11, NMMC representatives participated in a ceremony at the London Stock Exchange to celebrate the company's debut international corporate bonds totaling USD 1 billion. Attendees included representatives from the Embassy of the Republic of Uzbekistan in the United Kingdom of Great Britain and Northern Ireland and partner banks.

During the event, the Chairman and CEO of NMMC, Kuvandik Sanakulov, ceremonially closed the trading day at the London Stock Exchange. Mr. Sanakulov expressed his deep gratitude to all the attendees, including the management and representatives of international banks and the London Stock Exchange, who played an important role in bringing NMMC to global capital markets by supporting this successful debut bond issue,

At the conclusion of the event, representatives of NMMC signed the London Stock Exchange's issuer registration book.

The issuance of international corporate bonds will strengthen NMMC's position in global financial markets and set a benchmark for future financing of major investment projects. The successful placement is a testament to investors’ positive assessment of, and belief in, the reforms currently underway in Uzbekistan. The funds raised will be directed toward financing major investment projects at NMMC.


For reference: In July of this year, NMMC received its first international credit ratings from S&P Global Ratings and Fitch Ratings, both at “BB-” with a “Stable” outlook. S&P Global Ratings assessed the company’s standalone credit profile (SACP) at “bb+”. The receipt of these international ratings opened the door for NMMC to access global capital markets and allowed the company to attract investment under favorable terms.

The main objective of NMMC's integration into international capital markets is to affirm its status as a modern company and to cement its position as a valuable player in the global business arena.

Jakhongir Khasanov,

Deputy General Director, Chief Financial Officer.