The State Assets Management Agency of the republic of Uzbekistan

In accordance with the relevant privatization programs, the State Assets Management Agency (hereinafter - the UzSAMA) announces the commencement of the open sales process of 50% state share in the charter capital of "Uzsungwoo" LLC, 100% state share in the charter capital of "Avto Climate Control" LLC and 34,2% state share in the charter capital of "Uz truck and Bus Motors" LLC (hereinafter - the Assets).

“Portfolio Investments” (hereinafter - the Consultant) acts as a privatization consultant to the UzSAMA on these transactions in accordance with an industry-specific approach.

 

Brief information about the Assets:

 

"Uzsungwoo" LLC is one of the leading manufacturers of metal parts for the automotive industry, utilizing stamping and welding technologies. It was established in 2011 in cooperation with JSC "Uzavtosanoat" and the South Korean companies Sungwoo Hitech Co Ltd. and I-Zone Co Ltd. The production facility covers 60,500 square metres, employs over 1,000 staff members and has an annual capacity of 120,000 sets. In 2022, the company introduced a hot stamping technology unique for Central Asia and the CIS region. Today, the company supplies spare parts for Chevrolet Cobalt, Gentra, Tracker and Onix models and has established production processes in accordance with international quality standards IATF 16949.

• Charter capital: 14 million USD;
• Official website of the company: www.uzsungwoo.uz.
• Address of the company: Fergana region, Fergana city, Aeroport street, 68

 

“Avto Climate Control” LLC was established in 2010 in cooperation with “Uzavtosanoat” JSC and South Korean company ERAE CS LIMITED. The main activity of the company is the production of heating and cooling systems for cars.

• Charter capital: 12,592.9 million UZS;
• The official website of the company: www.uzcc.uz
• Address of the company: Andijan region, Andijan city, Babur avenue, 73a

 

“Uz Truck and Bus Motors” LLC was founded in 2009 and specializes in the manufacturing of trucks and passenger transport vehicles under the MAN and HOWO (Sinotruk) brands in the Central Asia. The company offers over 60 types of commercial vehicles, including semi-trailers, dump trucks, vans, special-purpose vehicles (5-70 tons payload), as well as city and intercity buses.

• Charter capital: 32.8 million euros;
• Official website of the company: www.uztbm.uz
• Address of the company: Samarkand region, Dzhambay district, Tashkent street, 2

 

Information on the sales process:

The sales process of the Asset is conducted through public invitation to negotiations method, which is open to all interested parties (hereinafter - Participants / Applicants).

The sales process will be carried out in two stages separately for each Asset including Expression of Interest (EoI) and Binding Offer (BO) stage. At the final stage, participants must provide a guarantee deposit of at least 1% of their binding price offer.

 

Information on current stage of the sales process:

Applicants are invited to express their interest in an application form (EoI) including the following information:

1. Brief information about the Participant (including TIN and type of activity). 
2. Details of shareholders/participants holding more than 5% of the charter capital (including ownership percentages), as well as ultimate beneficiaries.
3. Financial statements for the last 3 years.

 

Expression of Interest applications must be submitted separately for each Asset (based on individual preferences in Uzbek, Russian or English) and sent to the e-mail munir.yakubov@piamg.uz by 23:59 (Tashkent time) on April 15, 2025.

As part of this stage of sales, the Consultant will distribute investment teasers in order to attract potential investors.

 

The received applications will be selected in accordance with the following criterias:

• Sufficiency of financial resources for the acquisition of the Asset;
• Neither the Applicant (or 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 the authorized capital;
• Absence of any judicial, administrative, arbitration or other proceedings that may result in debarment from participation in the privatization process and a positive business reputation;
• Compliance with Uzbekistan Law #660-II (as amended on January 15, 2019) "Countering the legalization of proceeds of crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction";
• Neither the Applicant nor any of the Consortium Members (in the case of the Consortium) must be on the public sanctions lists of the European Union and the United States or any of the major international development banks (World Bank, European Bank for Reconstruction and Development, Asian Development Bank), or on the date of the Application must be subject to any proceedings or investigation by the aforementioned sanctions authorities. Also, neither the Applicant (and, in the case of the Consortium, none of the Consortium Members) nor any of its/their affiliates is/are in any way involved in any activity (directly or through any subsidiary) contrary to the sanctions regime of the aforementioned institutions and states and, neither the Applicant (or in the case of the Consortium, any of the Consortium Members) nor any of its/their Related Parties have as principal financiers or lenders banks or financial institutions which are sub-sanctioned persons or persons controlled or owned by sub-sanctioned persons.

Once the application review is completed, the Consultant will individually notify participants about the next stage via a Process Letter.

 

Acquisition conditions for “UZSUNGWOO” LLC and “Avto Climate Control” LLC:

1. Preservation of core business activities for at least 10 years. Strict compliance with technical support license agreements with a supplier approved by General Motors (USA) - the product licensee, as well as with the requirements and related restrictions set forth in the General Alliance agreement for the use of technological equipment related to General Motors technologies;
2. Retention of existing jobs for at least 2 years, with no reduction in workforce except through natural attrition, and maintenance of current salary levels and collective agreement conditions.

In turn, to the participants passing to Binding Offers stage of all Assets maybe required to sign an Agreement on basic terms and conditions for acquisition of the Asset (Term sheet), prior to submitting Binding Offers.

 

The contact persons for these projects are:

• Munir Yakubov, Director of Portfolio Investments: yakubov@piamg.uz, tel: +998(90) 901-65-59;
• Talat Samandarov, Head of Department of UzSAMA: tender@davaktiv.uz, tel: +998(71) 259-20-67.

 

Participants advancing to the Binding Offers (BO) stage will be required to sign a Non-Disclosure Agreement (NDA) and will be granted access to the Virtual Data Room (VDR) containing detailed asset information and due diligence reports prepared by the Consultant. Additionally, participants will have the opportunity to visit the Assets and ask management-related questions.

UzSAMA will provide the public with additional updates on each stage of the privatization process.

 

DISCLAIMER

UzSAMA reserves the right to change the sequence of the privatization process or refuse to sell to any potential buyer(s) or negotiate with them at any time without explanation.

This announcement, or any part of its content, should not be taken as a form of obligation on the part of UzSAMA, "Portfolio Investments" in relation to the Assets sale, as one might assume in connection with the publication of this announcement. UzSAMA and "Portfolio Investments" reserves the right, in its sole discretion, at any time and in any respect, without assuming joint or individual responsibility:

(i) Change the deadline for submission of applications;

(ii) Follow different procedures with respect to different stakeholders and/or negotiate with one or more potential buyers within the schedule and procedure established jointly by the UzSAMA and "Portfolio Investments", to the exclusion of any other potential buyer(s) without prior notice;

(iii) Stop the sale process for any reason;

(iv) Stop all discussions and negotiations with any potential buyer(s) in relation to the Transaction at any time and without explanation.