According to the relevant privatization programs, the State Assets Management Agency on the results of privatization of 85.58% state share in the authorized capital of JSC "Foton" (hereinafter - the Enterprise), through a public invitation to negotiations with the attraction of a professional consulting company reports that LLC "HAVVO GROUP" (hereinafter - Buyer) is recognized as the winner of the negotiations with a purchase price of 151 billion UZS.
The company ABRAU CAPITAL (hereinafter - Consultant) were attracted as a privatization consultant in this process.
As previously reported, as a result of a competitive sales process, the applications (Express of Interest) received from investors were examined to ensure that the applicants were not subject to insolvency, no administrative, arbitration or other legal proceedings that could prohibit them 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 organizations. Applicants complying with these conditions were moved to the next stage of the privatization process - submission of Binding Offers (BO).
At this stage, the applicants were signed a Non-Disclosure Agreement (NDA) and given the opportunity to review the comprehensive due diligence reports on the financial, tax, legal and environmental activities of the Enterprise prepared by the Consultant and placed in the Virtual Data Room (VDR). At the same time, all applicants were given the opportunity to organize meetings with the management of the Enterprise and to familiarize themselves with the activities of the Enterprise.
As a result, LLC "HAVVO GROUP" was recognized as the winner of the sales with the highest price offer.
The winner plans to increase the production volume of the Enterprise, to further expand the type of products and geography of its realization, to improve management efficiency, as well as to implement modern corporate governance systems and ensure the stable development of the Enterprise in the future.
It should be noted that the Buyer's offer is at the upper limit of the indicative price range of the Enterprise, calculated by an international consultant, and exceeds the estimated value of the Enterprise.
The results of the privatization of the Enterprise were approved by the relevant decision of the State Commission for privatization of state assets and coordination of privatization processes.
For reference, JSC "Foton" in 2023 produced 14.5 thousand units of products, net income of the enterprise amounted to 36.4 billion UZS, net profit - 1.4 billion UZS, net assets - 20.1 billion UZS, liabilities - 1.8 billion UZS.
