31 May 2022

Information about the sale of 63.4 percent state shares of “Uzgazloyikha” LLC

The State Assets Management Agency reports on reaching an agreement with Prime Tower Group LLC on sale of 63.4 percent state share in the authorized capital of “Uzgazloyikha” LLC for 21.5 billion soums.

In accordance with the Decree of the President of the Republic of Uzbekistan dated February 11, 2021 "On measures to further accelerate the privatization of state assets" № PD-6167, based on international practices of privatization of enterprises of the industry, the results of a comprehensive analysis (due diligence) of the Asset, as well as following the recommendations of the Consultant on privatization, the sale of 63.4 percent state share was realized on a competitive basis through public competition.

At the same time, "Investment Company UzAssets" JSC (hereinafter - UzAssets) on the basis of selection of the most favorable offers attracted the international company Grant Thornton (hereinafter - the Consultant) as a consultant on privatization, and the international law firm "Dentons" provided legal assistance. As part of privatization, the performance of consultants was coordinated by UzAssets.

According to the announcement of the implementation process on the official website of UzSAMA and UzAssets dated December 29, 2021, the Consultant has accepted all Expressions of interest from the applicants.

In addition, the Consultant sent out investment teasers about сompany's activities to 28 local and foreign companies involved in the design, construction and transportation of gas and petroleum products.

The Сonsultant received Expressions of Interest for the acquisition of current state asset from a number of local applicants and ensured a competitive environment.

Interested applicants were given the opportunity to access a virtual data room (VDR) for a detailed study of the Asset's activities, related financial, legal, environmental and tax information (due diligence) prepared by the consultant, and were also given the opportunity to ask questions of the Consultant about the management of the Company directly by visiting the Company.

Given the above considerations and the fact that the offered price was higher than the price range offered by other applicants and the price calculated by the Consultant and the independent appraisal organization, “Prime Tower Group” LLC was selected as the winner of the public competition, hence the legally binding documents for the Transaction were signed between the winner and the State Assets Management Agency.

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