An agreement has been reached on the privatization of 34.2% state share in the authorized capital of JV LLC “Uz Truck and Bus Motors”
2025-07-07 17:53:00 / News
In accordance with the relevant privatization programs, the final stage of open sales process – submission of Binding Offers (BO) for privatization of 34.2% state share in the authorized capital of JV LLC “Uz Truck and Bus Motors” (hereinafter – Joint Venture) has been completed.
It should be noted that this process was initiated on March 10 of this year with full consideration of all rights and privileges of foreign participants (MAN Truck & Bus SE, Germany, and Sinotruk, China, each owning 32.9%) as provided for in the Joint Venture's founding documents.
For the effective organization of the privatization process, “Portfolio Investments” was engaged as the lead financial consultant, and LLC “Kholis Expert” was engaged to carry out an independent valuation.
As previously reported, the sales process took place in three stages:
- Expression of Interest (EoI);
- submission of Non-Binding Offers (NBO);
- submission of Binding Offers (BO).
Five applicants took part in the process. At the stage of BO, all applicants were given the opportunity to review the Joint Venture's due diligence reports.
Within the established time frame, based on the proposals received from the applicants, LLC “Turon Industrial Investment” was declared the winner of the sales process with the highest purchase price of 200 billion UZS.
The buyer has accepted the Agreement on the main terms of sale (Term Sheet), which includes the obligations stipulated in the founding documents, the preservation of the main activity of the Joint Venture for a period of at least 5 years, as well as the development of the Joint Venture.
In accordance with Article 31 of the Law “On Privatization of State Property”, the buyer will make a prepayment in the amount of 35% of the purchase price within 1 month.
The results of this process were approved by the relevant decision of the State Commission for Privatization of State Assets and Coordination of Privatization Processes.
At the same time, results of the privatization and information about the new investor were officially reported to foreign participants of the Joint Venture — MAN Truck & Bus SE (Germany) and Sinotruk (Hong Kong) on July 4, 2025.
The State Assets Management Agency would like to express its gratitude to all parties involved in this privatization process and announces that the Consultant will send individual notifications of the results to the bidders who participated in the final stage.
For reference: LLC “Turon Industrial Investment” operates in the wholesale trade of automotive vehicles since 2018, has a classification of “large enterprise” with a charter capital of 115.1 billion UZS and an annual turnover of 345.0 billion UZS. It has a stability rating of BB (71) according to the Chamber of Commerce and Industry.