The State Assets Management Agency of the republic of Uzbekistan

As previously announced, the initial Expression of Interest (EoI) stage of the open sale process for the 50% state share in the charter capital of “UzSungwoo” LLC (hereinafter – the Asset) has begun.

 

To organize this process, “Portfolio Investments” was engaged as the privatization consultant (hereinafter – the Consultant).

 

As part of the initial stage, the Consultant carried out extensive marketing and outreach activities, including sending investment teasers to potential investors. Within the specified deadline by 30 October 2025 the Consultant received Expressions of Interest (EoI) from 4 investors.

 

The Consultant evaluated the received applications based on the following pre-established criteria:

• sufficient financial capacity of the applicants;
• absence of legal barriers;
• compliance with anti-money-laundering and counter-terrorism-financing legislation;
• confirmation that the applicants are not included in the sanctions lists of the European Union, the United States, or international financial institutions.

 

Based on the analysis results, the Consultant determined that all applicants fully meet the established criteria and will invite them to participate in the next stage of the privatization process — submission of Binding Offers (BO). Detailed information regarding the process will be provided to the applicants by the Consultant via individual Process Letter.

 

Regarding the next stage:

 

All applicants who have expressed interest in acquiring the Asset will:

• be required to sign a Non-Disclosure Agreement (NDA);
• be granted access to the Virtual Data Room (VDR), which contains financial, legal, and operational information on the Asset, as well as analytical reports prepared by the Consultant;
• have the opportunity to visit the Asset and ask questions to its management.

 

Binding Offers (BO) will be accepted until 3 December 2025, 23:59 (Tashkent time).

 

Before the specified deadline, applicants must transfer to the special account of “Electronic Online Auction Organization” JSC an amount equal to at least 1% of their binding price offer as a security payment, through their personal accounts that will be opened on the “E-auksion” electronic trading platform. The security payment:

• will be refunded to applicants who are not selected as the winner;
•  will be credited as part of the purchase payment if the applicant is selected as the winner.

 

The details and usage procedure of the personal account will be provided to participants in an individual Process Letter sent by the Consultant.

 

Conditions for acquiring the Asset:

1. From the date of official registration of the sale and purchase agreement of the Asset, the buyer must maintain the company’s core business activity for at least 10 (ten) years. During this period:

• the buyer must strictly comply with the existing technical support license agreements with the approved supplier licensed by “General Motors”;
• the buyer must strictly comply with the requirements and restrictions of the Master Alliance Agreement related to the use of “General Motors” technologies.

2. Furthermore, the buyer is required to preserve existing positions and maintain the current headcount for a minimum period of two (2) years (excluding natural staff turnover), shall not reduce the payroll fund, and shall not worsen the terms of the collective agreement.

 

In addition, an Agreement on the basic terms and conditions of the acquisition of the Asset and its further activities (Term Sheet) will be signed with the applicants who have passed to the BO stage.

 

The State Assets Management Agency expresses its gratitude to all participants who expressed interest in the privatization process and submitted applications, and looks forward to constructive cooperation with the applicants who successfully passed the Expression of Interest stage.

 

Disclaimer

This announcement, or any part of it, should not be construed as any form of commitment by the State Assets Management Agency or “Portfolio Investments” regarding the sale of the Asset that could be implied from the publication of this announcement. The State Assets Management Agency and “Portfolio Investments” reserve the right, at any time and under any circumstances, without assuming joint or individual liability, to:

(i) amend the deadline for submitting applications;
(ii) make changes to the stages of the sale process;
(iii) deal with different interested parties under different rules and/or negotiate with one or more potential buyers while excluding others, without prior notice, in accordance with the planned schedule and procedure;
(iv) suspend the sale process for any reason;
(v) and/or at any time, and without providing reasons, terminate any discussions or negotiations with any potential buyers related to the sale.