1 June 2022 846

Announcement on collection of non-binding offers on the sale of 85.71% of shares of JSC “93-Mahsus Trest”

In accordance with the Decree of the President of the Republic of Uzbekistan dated February 11, 2021 No. DP-6167 “On measures to further accelerate the processes of privatization of state assets”, The State Assets Management Agency of the Republic of Uzbekistan (hereinafter – “Seller”) announces its intention to sell a stake in the authorized capital of JSC “93-Mahsus Trest" (hereinafter, the “Company”) in the amount of 85,71%, through a competitive sale process (hereinafter, the “Transaction or the “Sale”). Privatization consultant in this Transaction is a consortium of companies led by “Merritz” law firm.

Brief information about the Company

The Company is engaged in general contracting services, installation and repair of plant and machinery, including industrial equipment, pumps, compressors and other complex mechanisms.

Among other projects, the Company has successfully completed the works at “Tuley” and “Karakalpakiya" gas compressor stations, at Khiva-Beineu gas pipeline, at electronics industry facilities and various factories in Tashkent and Samarkand, at the new facilities of the Uzbek Metallurgical Plant in Bekabad and others.

The Company has 16 subsidiaries which operate as a form of limited liability companies in 8 regions and the Republic of Karakalpakstan.

The Company owns part of the building at the address: 17, Chimken street, Mirabad district, Tashkent.

Transaction process

The Sale is organized on a competitive basis and is open to all interested parties (hereinafter referred to as the “Participant(s)”).

Currently, Participants are invited to express their interest in the form of an Expression of Interest Application, which includes the following information:

  • Brief information about the Participant (including TIN, its type of activity);
  • Information about shareholders/participants holding more than 5% of the share in the authorized capital of the Participant (with indication of the ownership fraction), as well as the final beneficiaries;
  • The Participant’s ability to finance the Transaction using its own and/or borrowed funds;
  • Absence of criminal proceedings and investigations in relation to the founders, officers and beneficiaries of the Participant, and that they are not listed as pseudo-entrepreneurs and bankrupts, and other similar lists of the Republic of Uzbekistan;
  • The Participant’s ability and readiness to perform applicable social obligations in relation to the staff of the Company, no less than those described in the existing collective agreements;
  • Compliance with the requirements of the Law of the Republic of Uzbekistan "On counteracting the legalization of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction".

The deadline for submitting the Expressions of Interest and related documents is
18:00 Tashkent time on July 7, 2022.

The Expressions of Interest and the supporting documents must be sent to the following email addresses: dbayzakova@merritz.com and spulatova@merritz.uz.

The application process is open to all interested participants. All applicants will be included in the register of potential participants in the sale process.

Non-Disclosure Agreement (NDA) will be signed with potential investors who are qualified for the next step, and access will be granted to a Virtual Data Room (VDR) where general information about the Asset's activities will be available.

Besides, about the detailed sequence of the sale process, its terms and the next steps will be sent to the participants additionally.

If you have any questions, you can to reach out to the emails listed above.

Disclaimer

The Seller 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, the Company and “Merritz” law firm 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) follow various procedures with respect to various interested parties, and/or negotiate with one or more potential buyers within the framework of the schedule and procedure provided jointly by the Seller, the Company, “Merritz” with the exclusion of any other potential buyer (buyers) without prior notice;

(iii) terminate the sales process for any reason; and/or

(iv) terminate any discussions and negotiations with any potential buyer(s) with respect to the Transaction at any time and without giving a reason.

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