The State Assets Management Agency of the republic of Uzbekistan

According to the published announcement on November 4 this year, the State Assets Management Agency organized the stage of Expression of Interest of the privatization process of 94,9% state share in the authorized capital of LLC “Uzagrosanoatloyiha” (hereinafter - the “Asset”).

“Abrau Capital” (hereinafter - "Consultant") was attracted as a privatization consultant to carry out the privatization process of the Asset on the basis of the best international experience.

As part of this stage, the Consultant conducted extensive marketing activities, including sending investment teasers to potential investors. As a result, the Consultant received applications from 3 local investors.

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

• Sufficient financial resources to acquire the Asset.
• 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 the analysis of the received applications by the Consultant, all applicants were found to be fully compliant with the above criteria.

In addition, all applicants will receive individual Process letters from the Consultant with detailed descriptions of the next stage of the privatization process.

Information about the next stage of the process:

After signing the Non-Disclosure Agreements (NDA), participants will be given access to a Virtual Data Room (VDR) containing detailed financial, legal and operational information on the Asset, including an analytical report prepared by the Consultant for the preparation of their Binding Offers (BO).

Binding Offers (BO) are accepted by Consultant until 18:00 (Tashkent time) December 23, 2024.

Moreover, before this deadline, the applicants are required to transfer not less than 1% of the amount of the proposed Binding Offer as a guarantee payment through their personal account in the electronic trading platform “E-auksion”. This guarantee payment (deposit) will be returned to the participants upon completion of the process. However, for the winner of the privatization process, this payment will be counted as part of the redemption payment and transferred to the Privatization Fund.

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

The State Assets Management Agency will continue to inform the public about each stage of the privatization process.