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23 January 2023

Information on the privatization process of 100% state share in the authorized capital of Chinaz petroleum refinery plant LLC

According to the announcement dated December 23, 2022, the State Assets Management Agency (UzSAMA) announces the completion of the stage of acceptance and review of Express of Interest applications on the competitive process of selling 100% state share in the authorized capital of Chinaz petroleum refinery plant LLC.

Mosaic Financial (Consultant) was attracted as the leading consultant on privatization of UzSAMA for this deal.

As a part of the privatization process, the Consultant carried out large-scale marketing activities, including the distribution of investment teasers to potential investors. As a result, as of January 12, 2023, Express of Interest applications were received from international and local investors from Uzbekistan, Europe, and the CIS region.

All received applications are selected by the UzSAMA and the Consultant according to the following criteria:

  • the absence of any judicial, administrative, arbitrate, or other proceedings, the result of which may be a ban on participation in the privatization process;
  • compliance with the Law of the Republic of Uzbekistan #660-II (amended on January 15, 2019) “On countering the legalization of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction”;
  • the applicant (in the case of a consortium, none of the participants in the consortium) and none of the persons associated with him/her are included in the sanctions list of the European Union, Great Britain, and the United States, as well as major international financial institutions (the World Bank, the European Bank for Reconstruction and Development, the Asian Development Bank).

Based on the results of a deep analysis of the applications received by the Consultant, their compliance with the requirements of the above criteria was determined.

Accordingly, all applicants are invited to participate in the next stage of the privatization process on accepting Non-Binding Offers (NBOs), and the Consultant will send a Process Letter regarding the processes of this stage to all applicants.

In order to confirm their future participation in the privatization process, these applicants are invited to sign a Non-Disclosure Agreement (NDA), then they will be given an access to the Virtual Data Room (VDR), which will allow them to familiarize with the Information Memorandum prepared by the Consultant, which will contain the information necessary to prepare their indicative non-binding offers for purchasing the Asset. The information memorandum will include a description of business activities of the Company.

Non-Binding Offers (NBO) for the purchase of the Assets will be accepted by the Consultant until 18:00 (Tashkent time) February 23, 2023.

The UzSAMA together with Mosaic Financial would like to thank all participants, who have shown interest in the privatization process and submitted proposals, as well as to express confidence in further constructive cooperation with applicants, who have successfully passed the Express of Interest stage for the purchase of the Asset.

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