TASHKENT

Shoe manufacturer Grand Leather Shoes acquired a majority stake in the UzElectroterm plant in the city of Namangan in Uzbekistan via a privatisation auction, paying around $2 million for a 61.9 percent stake.

Grand Leather Shoes was founded in 2016 and is based in the city of Namangan. It exports its products, shoes for men, women and children, to the former Soviet republics and intends to expand its business and exports after new acquisition.

The company plans to completely overhaul the UzElectroterm facility and convert it into a modern, efficient shoe manufacturing plant, the company said in a press release.

UzElectroterm was formerly a part of Uzbekistan’s national electrical network.

Bluestone Investment Bank acted on behalf of Grand Leather Shoes.