The State Assets Management Agency of the republic of Uzbekistan

In accordance with the announcement of the UzSAMA dated April 24 of this year, the stage of acceptance of Non-Binding Offers (NBO) of the open sales process of 100% state share in the authorized capital of “Avto Climate Control” LLC (hereinafter - the “Asset”) has started.

 

"Portfolio Investments" (hereinafter - the “Consultant”) was engaged as a privatization consultant of the UzSAMA in order to implement these privatization processes based on international practices.

 

As previously reported, in order to confirm their participation in the privatization process, the applicants were provided with a Term Sheet, which sets out the main terms and conditions for the acquisition of the Asset and its further operation, and accepted their Non-Binding Offers (NBO). In addition, in order to attract more potential investors, Expression of Interest applications for the acquisition of the Asset continued to be accepted in parallel.

 

As a result, the Consultant received Non-Binding Offers (NBO) from 4 investors within the established timeframe.

 

Investor proposals were reviewed by the Consultant for compliance with the requirements of this stage of the privatization process. In accordance with the Consultant's recommendation, all applicants were admitted to the next stage - acceptance of Binding Offers (BO).

 

The Consultant will also send detailed information on the next stage of the process to all applicants by means of a Process Letter.

 

 

Information on the next stage:

 

Applicants who qualify for the Binding Offer (BO) stage will be given access to a Virtual Data Room (VDR) to review comprehensive analytical reports (due diligence) prepared by the Consultant on the financial, tax, legal and environmental performance of the Asset. In addition, participants will be given the opportunity to visit the Asset in person and meet with the management body.

 

In order to provide all participants with additional opportunity to review the above due diligence reports, Binding Offers (BO) will be accepted by the Consultant until 23:59 on June 20, 2025 (Tashkent time).

 

In addition, until the specified deadline, the applicants are obliged to make a guarantee payment (deposit) in the amount of not less than 1% of the amount of the Binding Offer through personal accounts opened on the electronic trading platform “E-auksion”. This guarantee payment will be returned to the participants upon completion of the process, except for the winner of the privatization process - in his case, the deposit will be counted as part of the purchase payment for the acquisition of the Asset and transferred to the Privatization Fund.

 

Besides, at this stage applicants are required to provide documents and/or guarantees confirming their solvency in accordance with the proposed binding price offers.

 

Personal accounts and account details on the electronic trading platform “E-auksion” will be provided to the participants by the Consultant through an individual Process Letter.

 

The UzSAMA expresses its gratitude to all participants who showed interest in the privatization process and submitted applications, and expresses confidence in constructive cooperation with applicants who successfully passed the stage of submitting Non-Binding Offers (NBO).

 

Disclamer

 

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) Change the stages of the sales process;

(iii) 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;

(iv) Stop the sale process for any reason;

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

 

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