In accordance with the Presidential Decree PD-6167 of the Republic of Uzbekistan, dated February 11, 2021 “On measures to further accelerate privatization of state assets", The State Assets Management Agency of the Republic of Uzbekistan (hereinafter - the Agency or Seller) announces its intention to sell a 100.0% share in the authorized capital of “UzGASHKLITI” LLC (hereinafter - the "Company" or "UzGAShKLITI") by public invitation to negotiate (the "Transaction" or "Sale").

The international company Grant Thornton acts as the consultant of the Agency on the Transaction. The Agency authorizes the investment company UzAssets (hereinafter - UzAssets) for further organization of the Transaction together with the Consultant.

Brief information about the Company:

• SUE "State Design Research Institute of Engineering Surveys in Construction, Geoinformatics and Urban Cadastre" (SUE "UzGASHKLITI") was formed in 1963 and began its operations as the Uzbek State Institute of Engineering and Technical Surveys.
• In order to further sell to investors, “UzGASHKLITI” SUE was transformed into a Limited Liability Company in August 2021. It is located at the address: Tashkent city, Chilanzar district, 38 Katortol street, occupying an area of 0.21 hectares. The area of buildings and structures is 5 079 sq.m. The total number of employees is 738 people.
• In 2020, “UzGASHKLITI” SUE performed work in the amount of 104.1 billion UZS, and its net profit was 4.6 billion UZS.
• A professional team of employees, which is the main asset of the Company, is able to perform complex design and research work in the field of design for the construction of urban development facilities.
• Taking into account the measures taken by the Government of the Republic of Uzbekistan in this industry, the Company has the widest prospects for further development.

Sale Process

The sale is organized as a competitive bid process open to all interested parties (hereinafter referred to as "Participants").The process will consist of receiving non-binding and then binding bids from interested Participants, and subsequent negotiations with one or more interested Participants.

At this time, Participants are invited to express their interest in the form of a letter of application ("Non-Binding Offer") that includes the following information:

1. A copy of the state registration certificate;
2. Consolidated audited financial statements for the last 2 years;
3. Information on all shareholders (and their ownership interests) and ultimate beneficiaries;
4. Offer of price and terms of Transaction;
5. Confirmation of the ability to finance the Transaction, as well as the operation, by own and/or borrowed funds;
6. Confirmation of the absence of criminal proceedings and investigations in relation to the founders and beneficiaries, as well as the names of the Buyer's officials in the international lists of false businessmen and bankrupts, as well as in similar lists of the Republic of Uzbekistan;
7. Confirmation of compliance with Law of the Republic of Uzbekistan No. 660-11 (as amended on January 15, 2019) “On Combating the Legalization of Proceeds of Crime, the Financing of Terrorism and the Financing of Proliferation of Weapons of Mass Destruction”.

The non-binding proposal may be prepared in Uzbek, Russian or English, at the discretion of the applicant.

Upon review of the Applications and attached documents, the applicants will be personally notified of the results of the selection and the next steps.

Based on the results of the review of the non-binding proposals, the applicants who have offered the best proposals will be provided with additional information about the Company, including analytical reports (due diligence) prepared by Grant Thornton, a draft sale and purchase agreement and will be invited to prepare binding proposals. The deadlines for the preparation of binding offers and the requirements for its structure will be communicated to the selected bidders individually.

The deadline for submission of non-binding bids is no later than 18:00 Tashkent time on February 20, 2022.

Applications must be sent to the following email addresses:

obidjan.azimbaev@uz.gt.com and nematulla.karimov@uz.gt.com, 

The Bid submission process is open for all Participants. The transaction will be carried out in accordance with the requirements of the Law of the Republic of Uzbekistan "On Limited Liability Companies and Additional Liability Companies".

Disclaimer

The Agency reserves the right to change the sequence of the sale process or to refuse to sell to or negotiate with any potential buyer(s) at any time without explanation.

This announcement, or any part of its contents, should not be construed as a form of commitment on the part of the Agency, UzAssets, the Company and Grant Thornton to sell the Company, which could be inferred from the publication of this announcement. The Agency reserves the right, in its sole discretion, at any time and in any respect, without assuming joint or several liability

• (i) make changes to the application deadline;
• (ii) terminate the sales process for any reason; and/or
• (iii) terminate any discussions and negotiations with any prospective purchaser(s) with respect to the Transaction at any time and without explanation.