An agreement was reached on the privatization of 75.2% state share in JV “Samarkand Automobile Factory” LLC
2025-09-30 11:00:00 / News
In accordance with the relevant privatization programs, the privatization of 75.2% of the state share in the charter capital of JV “Samarkand Automobile factory” LLC (hereinafter – SamAuto) is envisaged.
Within the framework of the high-level visit to the Republic of Türkiye in June 2024, a Memorandum of Understanding was signed with the Turkish company “Anadolu Isuzu” on the privatization of 75.2% of the state share in the charter capital of SamAuto.
For the purpose of effective organization of the privatization process, UzSAMA engaged the international company “KPMG” as financial advisor and the international company “Dentons” as legal advisor.
For reference: “Anadolu Isuzu” was founded in 1965 as part of the companies belonging to the "Anadolu Group" (Çelik Montaj).
The “Anadolu Group” holding in 2021 acquired 57.1 percent of the state share in the charter capital of LLC “Coca-Cola Ichimligi Uzbekistan” for USD 252.2 million, and during the subsequent period invested USD 250 million (construction of 2 large plants and modernization of 1 plant).
The other participants of SamAuto`s charter are “ITOCHU CORP.” and “ISUZU MOTORS Ltd.” (Japan) (12.4 percent each), and the founding documents stipulate that all actions related to the change (sale) of Uzbekistan’s share must be agreed with the Japanese side. In turn, these participants supported the sale of the state share to the company “Anadolu Isuzu”.
As a result of a comprehensive analysis (due diligence) of the financial, tax, and legal aspects of the Company’s activities, and the negotiations conducted, a final binding offer of the Turkish side “Anadolu Isuzu” was accepted, including a purchase price of USD 80 million and investment plan of USD 80 million.
Within the framework of the investment commitment, it is envisaged to establish in Uzbekistan the production of large-capacity buses and electric buses (12–18 meters), create licensed service centers throughout the country, as well as export buses to Central Asia, the South Caucasus, the Middle East and Africa. This initiative will contribute to the formation of a regional transport hub in Uzbekistan.
The investor’s price offer falls within the range of the SamAuto share possible sale value determined by the financial advisor “KPMG” and complies the value determined by the international independent appraiser – the international company “PwC”.
The result of the privatization was approved by the relevant decision of the State Commission for privatization of state assets and coordination privatization processes.
At the same time, completion of the transaction requires obtaining approvals from the regulatory authorities of Türkiye.