Uzbekistan plans to put airline Humo Air back up for privatization. Under a presidential decree dated 28 August 2026, the state's full 100% stake in the company has been added to a list of state assets to be sold through public tender in 2026–2027 — alongside a 98.9% stake in Turonbank, a 100% stake in insurer Xalq Sug'urta, and several other assets. The total privatization package is valued at more than $8 billion.
At the end of 2022, Swiss investment company ValleyRoad Capital S.A. acquired 100% of Humo Air's shares for 27.2 billion soums ($2.4 million), converting the carrier to a low-cost model.
According to Uzbekistan's State Assets Management Agency, cited by Gazeta.uz, the contract with the investor has since been terminated, returning full ownership of the company to the state. The exact termination date has not been disclosed.
Humo Air is thus completing an unusual cycle for the region's aviation sector: privatized in 2022, reverted to state ownership after the investment contract was terminated, and now set for a second privatization attempt in 2026–2027.