The agreement on privatization of 100% stake in Poytakht Bank JSC was reached
2024-06-25 13:45:00 / News
State Assets Management Agency (hereinafter – UzSAMA) informs on reaching an agreement with the "Bond Investments limited LLC" (hereinafter – the Investor) of the United Arab Emirates on the sale of 100% stake in the authorized capital of JSC "Poytakht Bank" with the one-time redemption in the amount of 10,0 million USD.
As it was announced earlier, by the results of the open tender UzSAMA signed an agreement with Expobank JSC (Russian Federation). However, by mutual agreement of the parties this agreement was subsequently terminated because of impossibility of Expobank to fulfill the agreement conditions due to the state of international relations.
After that, the UzSAMA and the international professional consultant Deloitte continued to accept offers from other strategic investors.
In this process, the offer received from Bond Investments limited LLC exceeds both the purchase price offer received from other bidders and the appraised value previously calculated by an independent appraiser (international company KPMG).
The consultant Deloitte coordinated the privatization process and drafted the Sale and Purchase Agreement. The Consultant also revealed that Bond Investments Limited LLC and any of its related parties are not included in the open sanctions list of the European Union, the United States and major international financial institutions.
The investor is one of the fastest growing investment companies in the United Arab Emirates, operating within the group structure of holding company Das Holding LLC. The Group consist of companies operating in diversified business sectors in the Middle East and around the world. It is important to note that the Group has experience in setting up and operating successful banks in the UAE, which includes an Islamic bank and a digital bank. It will be looking to use such expertise in the banking sector of Uzbekistan.
The investor has already prepared a comprehensive plan for the development of infrastructure of JSC Poytaht Bank with the introduction of the most modern mobile and digital financial technologies.
It should be noted that the investor will receive the primary permission of the Central Bank of the Republic of Uzbekistan to acquire shares of Poytakht Bank JSC, in order to fully complete the transaction on legal grounds.