13 March 2023 532

The agreement was reached to sell 58,41% block of shares in the authorized capital of Elektrqishloqqurilish JSC

According to the announcement of Investment Company UzAssets JSC under the State Assets Management Agency (the "UzAssets" JSC) on November 19, 2021 on the sale process of block of shares in the authorized capital of “Elektrqishloqqurilish” JSC, the following is reported.

According to the relevant privatization programs, "UzAssets" JSC  reports about reaching an agreement on sale of 58,41% block of shares in the authorized capital of Elektrqishloqqurilish JSC (the "Company") with Uralskaya energeticheskaya stroitelnaya kompaniya JSC (Russian Federation) (the "Buyer") for 93,2 billion UZS.

The results of the conducted international process on privatization block of shares of the Company were approved by the relevant decision of the State Commission on conducting tenders for the sale of state property.

Herewith, UzAssets JSC on the basis of competitive selection of an acceptable offer attracted the international consultancy company Grant Thornton (the "Consultant") as a privatization consultant, and the international law company Dentons provided legal support.

As part of the privatization process, the Consultant and UzAssets conducted extensive marketing activities both locally and internationally, including sending investment teasers (investor sounding) to various foreign investors through the international network of the Consultant.

As a result, 7 Express of Interest applications were received from investors. The received applications were examined to ensure that there were no administrative, arbitration or other legal proceedings that could prohibit the applicants from participating in the privatization process, and that they were not included in the sanctions list of the European Union, the United States and major international financial institutions.

Moreover, as part of the preparation of the Binding Offers, investors qualified for not being on the sanctions lists were given the opportunity to conduct their own due diligence of the Enterprise as well as to review analytical reports on the financial, tax and legal activities of the Enterprise prepared by the Consultant and posted in the Virtual Data Room (VDR).

The best Binding Offer, the price parameters of which are within the indicative range of values calculated by the Consultant and exceeding the results of the independent appraisal, was provided by Uralskaya energeticheskaya stroitelnaya kompaniya JSC (Russian Federation). At the same time, UzAssets hopes that in the future the Buyer will be able to maintain sustainable development of “Elektrqishloqqurilish” JSC in conditions of increasing competition in the market, and will be able to become one of the largest industrial enterprises of the Republic of Uzbekistan in construction of electric power grid facilities with different voltage.

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