The State Assets Management Agency of the republic of Uzbekistan

As previously reported, the State Assets Management Agency started the Expression of Interest stage of the international sale process of new multi-storey business centers (hereinafter - Business Centers) on the territory of the international business center “Tashkent City” owned by JSC Asakabank, JSCB Uzsanoatkurilishbank and JSC Alokabank.

To carry out the process of privatization of these Business Centers on the basis of the best international practices, the international company KPMG (hereinafter - the Consultant) was attracted as a Consultant on privatization, and as an independent appraiser - the international company Deloitte.

As part of this stage, the Consultant carried out marketing activities, including sending investment teasers of the Business Centers through a wide pool of international contacts of KPMG. As a result, the Consultant received expressions of interest from 4 investors from the EU, UAE and Turkey.

All applications received by the Advisor were reviewed for compliance with the following previously announced criteria:

• Sufficient financial resources to acquire the state shares.
• Compliance with the requirements imposed on the founders (shareholders) of the payment system operator, in accordance with the Regulation “On the procedure for licensing the activities of payment system operators and payment organizations.”
• Neither the Applicant (and in the case of a Consortium, any of the Consortium Members) nor its shareholders/participants shall be a state-owned company or a company with a state share in equity capital;
• Absence of any judicial, administrative, arbitration or other proceedings that could result in a ban on participation in the privatization process and a positive business reputation;
• Compliance with the Law of the Republic of Uzbekistan No. 660-II “On combating the legalization of proceeds from criminal activity, the financing of terrorism and the financing of the proliferation of weapons of mass destruction”,
• Neither the Applicant (nor, in the case of the Consortium, any of the Consortium Members) shall be/are listed on the public sanctions lists of the European Union and the United States, as well as any of the major international development banks (the World Bank, the European Bank for Reconstruction and Development, the Asian Development Bank), or, as of the date of submission of the Application, shall be/are a sanctioned person/s or the subject/s of any proceedings or investigation by the above-mentioned sanctions authorities. Also, neither the Applicant (and in the case of the Consortium, any of the Consortium Members) nor any of its/their Associated Persons shall be involved in any way in any activity (directly or through any subsidiary) that is contrary to the sanctions regime of the above-mentioned institutions and states, and neither the Applicant (and in the case of the Consortium, any of the Consortium Members) nor any of its/their Associated Persons shall have as main financiers or creditors banks or financial institutions that are sanctioned persons or persons controlled by or owned by sanctioned persons.

As a result of studying the applications received by the consultant, it was recommended to move 4 applicants meeting the above criteria to the next stage of the privatization process and, in order to further enhance the competitive environment, to continue marketing efforts to attract more potential investors to the sales process.

All Expression of Interest applicants will be notified individually by the Consultant and the 4 applicants meeting the previously announced criteria will receive details of the next stage through a Process letter.

At the same time, in order to ensure a competitive environment, the Consultant will in parallel continue its efforts to attract more potential investors to the sales process and will receive Express of Interest applications.

The contacts on this project:

• Saltanat Sandikbayeva, KPMG's Partner:  SSandykbayeva@kpmg.com, tel:. +99890-099-21-20;
• Shokhrukh Okhunov, Head of Department of UzSAMA: sh.okhunov@davaktiv.uz; tel: +998 71 259 20 23 

Information about the next step of the process:

Upon signing the Non-Disclosure Agreement (NDA), participants will have access to a Virtual Data Room (VDR) containing detailed financial, legal and operational information on the Business Centers, including an analytical report prepared by the Consultant, as well as the opportunity to visit the Business Centers for review.

Binding Offers (BO) for the acquisition of the Asset are accepted by the Consultant until 23:59 (Tashkent time) on November 25, 2024.

The State Assets Management Agency expresses its gratitude to all participants who have shown interest in the privatization process and submitted their applications, as well as expresses confidence in further constructive cooperation with applicants who have successfully passed the “Expression of Interest” stage in the acquisition of the Asset.

Disclaimer:

The State Assets Management Agency and banks reserve the right to change the sequence of the sales process or refuse to sell to or negotiate with any potential buyer(s) at any time without giving a reason.

This announcement, or any part of its contents, should not be construed as a form of commitment on the part of the State Assets Management Agency, the banks or KPMG in relation to the sale of the Assets. The State Assets Management Agency, Banks and KPMG reserve the right to exercise their discretion at any time and in any respect, without accepting joint or individual liability:

(i) make changes to application deadlines;

(ii) follow different procedures in relation to different interested parties, and/or negotiate with one or more potential buyers within the framework of the schedule and procedure established jointly with the State Assets Management Agency, banks and KPMG to the exclusion of any other potential buyer(s) without prior notice;

(iii) terminate the sales process for any reason; and/or

(iv) terminate any discussions or negotiations with any potential buyer(s) in relation to the Transaction at any time without giving any reason.