The State Assets Management Agency of the Republic of Uzbekistan (the "State Assets Agency"/"Client"), in accordance with the relevant privatisation programmes, announces a tender to engage a leading professional consultancy company (the "Consultant") to develop an implementation strategy and coordinate the one stock-one lot activities of 40 state-owned enterprises (the "Assets") specified in the Annex. 

Interested applicants are invited to submit their proposals in accordance with the Request for Proposal (RfP) below by 18:00 (Tashkent time) on 1 June 2023.

Interested consultants are requested to submit their proposals in coded form to the contact address below:

Shokhrukh Ohunov - Head of Department on Privatization and Privatization of State Assets;

Tel: + 998-71-259-20-23;

E-mail: tender@davaktiv.uz.

Talat Samandarov - Deputy Head of Department on Preparation for Privatisation and Privatisation of State Assets;

Tel: + 998-71-259-20-67;

E-mail: tender@davaktiv.uz.

If a joint commercial proposal is submitted, the lead consultant must be identified who is responsible for coordinating the work of the consultant partner involved and assumes responsibility.

Disclosure

This request for proposals does not constitute an obligation to submit a quotation, the Purchaser does not give any obligation to accept any quotation or to enter into a contract in accordance with this request for proposals. Accordingly, this request for proposals does not imply the conclusion of a contract by virtue of the publication of this request and/or the receipt of bids in connection therewith, or by negotiation and discussion with one or more of the selectors with respect to the process.

The material and information contained herein is intended as a preliminary summary and the most important aspects of the process, as well as a general indication of the scope of work expected of the Consultant in implementing the strategy.

The selection participants cannot and should not rely on anything other than the sole limited purpose of preparing initial presentations and proposals for the Client in connection with the selection process.

Request for proposal for a Lead Consultant to develop an implementation strategy and coordinate the activities of the "People's IPO" of 40 state-owned enterprises (RfP)

Introduction

In accordance with the Decree of the President of the Republic of Uzbekistan "On Additional Measures on Reducing State Participation in the Economy" dated March 24, 2023 PR-102 it was instructed to conduct "people's IPO" on the principle of "one stock, one lot" of 40 state-owned enterprises (hereinafter - the Assets). According to the order, citizens of the Republic of Uzbekistan will be offered shares of the following assets.

The State Assets Management Agency of the Republic of Uzbekistan (hereinafter - the Purchaser) on the basis of the selection of the best proposals plans to engage professional organisations to run the project office and coordinate the bidding processes.

This Request for Proposal (hereinafter referred to as the Request) specifies the requirements for the Consultant and the structure of its proposal to be evaluated and describes the required scope of work to support the process in the annex of this Request. Consultants may join a consortium or submit joint proposals to provide the full range of services.

Expected structure of the proposal and requirement for consultants

Proposals may be submitted by individual professional advisory organisations or by a consortium of professional organisations, necessarily comprising one international and one local level;

The proposal should be prepared in Russian/English or Uzbek and should contain information on the following:The proposal should be prepared in Russian and/or English and should contain information on the following:

1. Proposal for the scope of work detailing the expected actions for the successful implementation of the project. Opinion on the duration of the process in case the Consultant's recommendations and proposals will be adequately responded to within a reasonably required time (up to 10 points);

2) Cost information: a fixed amount including possible additional operational costs (travelling costs, transfer costs, etc.) including taxes (VAT) is proposed (up to 60 points);

3. information on experience with similar projects, including information on the consultant's mandates in the CIS region after 1 January 2018 (up to 15 points);

4. Proposal on project organization and management. Details of the team to be involved in the project, with names of individuals and information on their experience, years of experience, general transaction experience and specific transaction experience (up to 15 points).

5. A written statement of sufficient competence and human, time and material resources to carry out the assignment.

6. Information on conflicts of interest. Information on the current existence of a mandate that may present a conflict of interest if the Consultant is engaged on this project.

Scope of work of consultant to develop an implementation strategy and coordinate the activities of the People's IPO of 40 state-owned enterprises

The Consultant's scope of work also includes the overall coordination of the asset sales process, including the coordination of other State Asset Agency consultants, including underwriters, brokers, etc.

- Develop rules / provisions for a "people's IPO" on the "one stock, one lot" basis, drawing on international experience and taking into account the specifics of the local market;

- Conducting a top-level analysis of large companies on the list of 40 companies for the possibility / feasibility of an IPO/SPO;

- Provision of substantiated proposals on procedures and mechanisms for sale of companies' stock for IPO/SPO with elements of "People's IPO" on "E-auksion" platform and carrying out information and explanatory activities, pre-sale preparation of companies based on the results of analysis of macroeconomic situation, market conditions, performance of companies included in the list according to the Decree of the President of Uzbekistan, etc;

- Development of recommendations on optimal marketing strategy, including appropriate marketing tools and techniques, and preparation of marketing materials (leaflets, booklets, banners, brochures, photo-video clips, etc.);

- - Development of criteria for determining an enterprise to participate in the "People's IPO", as well as improving, updating and developing approaches to the synchronisation of commercial transactions and the "People's IPO";

- Formation of the action plan and other documents (if necessary) on further stages of IPO/SPO of enterprises with the elements of the "People's IPO" within the framework of the Resolution of the President of the Republic of Uzbekistan dated March 24, 2023 PR-102;

- Performing calculations to determine the size of the equity stake to be placed and justifying other issues of corporate offerings, taking into account the state of enterprises, macroeconomic situations, market conditions (including forecasts of expected stock returns), international experience, etc;

- Interaction with stock exchanges, E-auksion representatives, involved government authorities (if necessary);

- Organisation of meetings between the management of the State Assets Agency and/or enterprises with representatives of stock exchanges, E-auksion and other interested parties (if necessary), training seminars (if necessary) for the employees of the State Assets Agency and enterprises from the list of the Presidential Decree No. PP-102 dated 24.03.2023, as well as participation in the forthcoming Road-Show event organised by the State Assets Agency;

- Advising on commercial and financial aspects of transactions (e.g. comments on prospectus, marketing documentation);

- Advice on legal, commercial and financial aspects of related project documentation, preparation and approval of draft documentation (stock purchase agreement, other documentation if required);

- Advice on materials prepared by other consultants engaged by subsidiaries as part of the IPO of companies to form the position of the State Assets Agency.

The above scope of work may be specified when preparing the Agreement/Contract and other documents governing the relationship between the Client and the Contractor, including taking into account the Client's choice of a particular placement method.

List of 40 companies with stakes to be sold through public sale in the framework of the "People's IPO" on the basis of the "One stock - one lot" principle

Note: In the event of a change in the number of stocks, the sale will be subject to the change.
* shares in a business company in which the state holds a dominant position are sold;
** after reorganisation into a joint stock company, the stock will be placed for sale.