The agency for the management of state assets has announced the sale of 100% of the shares in the authorized capital of Uz-Koram.
As part of the privatization process, Portfolio Investment has received expressions of interest from five local and international investors from Europe, Western and Southeast Asia, and the CIS.
Four candidates were invited to participate in the next stage of the privatization process—submitting binding offers. One application was rejected due to non-compliance with established requirements.
Within the specified timeframe, two candidates submitted binding offers. Centrum Aviation FZCO from the UAE, which offered the highest price, was declared the winner of the auction, subject to payment of the buyout price of $24 million.
As noted by the AGUA, the buyer's offer is at the upper end of the indicative price range calculated by the consultant and exceeds the estimated value of the enterprise.
The buyer has committed to maintaining the main activities of the enterprise for at least 10 years, adhering to licensing agreements for technical support with the supplier approved by General Motors—the licensee of the products, as well as the requirements and related restrictions established in the Main Alliance agreement regarding the use of technological equipment related to General Motors technologies.
The results of the enterprise's privatization were approved by the relevant decision of the State Commission for Privatization and Coordination of the Privatization Processes of State Assets.
About the company and the buyer
- Uz-Koram Co was established in 1998 in collaboration with South Korean investors as part of the localization of body parts production for vehicles. The company is part of the structure of "Uzavtosanoat" and annually produces over 250,000 front and rear bumpers, panels, and other parts. In April of this year, the company was included in the state privatization program.
- Centrum Aviation FZCO is part of Centrum Holding. The main activities of the company include cargo air transportation, brokerage services in the field of aviation trade, and aircraft leasing. In Uzbekistan, the company provides aviation services under the Centrum Air brand.
Previously, Spot reported that AGUA allowed two international investors to participate in the privatization of 70% of the joint venture UzChasys.