An agreement was reached on privatization of state share in the authorized capital of “Avtooyna” LLC
2025-05-22 08:40:00 / News
As previously reported, in accordance with the relevant privatization programs, the State Assets Management Agency started an open sales process for 100% state share in "Avtooyna" LLC (hereinafter - the Asset) with the involvement of the consulting company "Portfolio Investments" as a privatization consultant.
As part of the privatization process, the Consultant conducted a large-scale marketing campaign, in particular, investment teasers were sent to various investors. As a result, Expression of Interest applications were received from 8 local and international investors. All applicants meeting the criteria previously established at this stage were invited by the Consultant to participate in the next stage of the privatization process - submission of Binding Offers (BO).
Within the framework of this stage, a Non-Disclosure Agreement (NDA) was signed, as well as given an opportunity to analyze comprehensive analytical reports (due diligence) on financial, tax, legal and environmental activities of the Asset prepared by the Consultant and placed in the Virtual Data Room (VDR), as well as an opportunity to meet with the management body of the Asset.
In the given timeframe 4 applicants submitted their Binding Offers (BO).
As a result, LLC “Uet Invest”, which submitted the highest bid, was declared the winner of the auction, subject to the payment of the purchase price in the amount of 200.5 billion UZS. Exercising the right provided under Article 31 of the Law “On Privatization of State Property,” the Buyer undertakes to make an initial payment of 35% of the purchase amount within one month.
In addition, the Buyer undertakes to maintain the core business of the Asset for a period of at least 10 years, strict compliance with the technical support licence agreements with the supplier approved by General Motors (USA) - the licensee of the products, as well as the requirements and related restrictions set out in the Master Alliance Agreement for the use of technological equipment related to General Motors technologies as well as other relevant agreements and restrictions.
It should be noted that the Buyer's offer is located in the upper part of the indicative price range calculated by the Consultant and exceeds the estimated value of the Asset .
The result of the Asset privatization was approved by the relevant decision of the State Commission for privatization of state assets and coordination privatization processes.
For reference:
“Uet Invest” LLC was established by “Uet Construction” LLC, a company with extensive experience in providing design, procurement, and construction services in various sectors such as electric power, renewable energy sources, industrial facilities, roads, pumping stations, airports, bridges, real estate, and civil infrastructure.
Furthermore, by results of 2024, net profit of "Uet Construction" LLC amounted to about 300 billion UZS.