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21 November 2023

The agreement to sell 51% state block of shares in the authorized capital of "Biokimyo" JSC was reached

According to the relevant privatization programs, the realization of 51% state block of shares in the authorized capital of Biokimyo JSC (hereinafter - the "Enterprise") with the attraction of a professional consulting company was determined.

Accordingly, Abrau Capital (hereinafter - the "Consultant") was attracted as a privatization consultant on the basis of a competitive selection process.

As part of the privatization process, the Consultant conducted extensive marketing campaigns both locally and internationally, including investment teasers sent to potential investors (Investor sounding), involving the Consultant's extensive investor network.

As a result, the Consultant received 3 Express of Interest requests from investors.

The proposals received were examined to ensure that there were no administrative, arbitration or other legal proceedings that could prohibit the applicants 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 institutions.

Further, all applicants were invited to the next stage of the privatization process - the 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 familiarize themselves with the activities of the Enterprise.

It should be noted that "Mega comfort business" LLC, which expressed the highest price offer among all received offers, capable of ensuring stable development of the company's activities in the future and having the potential to form a full duration of production processes, fully met the established requirements to purchase 51% state block of shares in the authorized capital of Biokimyo JSC and was recognized as the winner with a purchase price of 118.0 billion UZS.

At the same time, the price offer of the Buyer is within the range of indicative prices of the Enterprise, calculated by the consultant, and above the estimated value of the Enterprise by an independent appraiser.

The results of privatization of the enterprise were approved by the relevant decision of the State Commission on privatization of state assets and coordination of privatization processes.

For information: "Mega comfort business" LLC, located in Yangiyul district of Tashkent region, provides services in the catering and food supply industry. The authorized capital is 46.4 billion UZS.

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