The State Assets Management Agency (hereinafter – “UzSAMA” or “Seller”) announces the beginning of submitting applications for Expressions of interest stage in privatization process (hereinafter referred to as the "Transaction" or "Sale") of 51% state shares in the authorized capital of JSC "Dori-Darmon"  (hereinafter referred to as “Company” or “Asset”), in accordance with the privatization programs.

Portfolio Investments LLC (hereinafter – Consulatant) act as the leading consultant of the UzSAMA on the Transaction.

Brief information about the Company:

Dori-Darmon JSC is a wholesale and retail pharmaceutical company, which has been providing the residents of the republic and medical institutions with a wide range of high-quality products for 90 years, reliably maintaining a leading position in the market of Uzbekistan.

• The company includes 8 joint-stock companies, 12 limited liability companies, 17 warehouses and 15 control and analysis laboratories.
• More than 2 280 state pharmacies operate in the territory of the country.
• Dori-Darmon JSC cooperates with more than 130 leading foreign companies.

     Key financial indicators:

• Authorized capital: 86.3 billion UZS.
• Net revenue (by the end of 2021): 402 billion soums.
• Net profit (by the end of 2021): 32.7 billion soums.

Sale process description:

The sale is organized on the basis of competitive sale process and open to all interested parties (hereinafter referred to as "Participants").

Currently, Participants are invited to express their interest in the form of an Expression of Interest Application, which includes the following information:

1. Brief information about the Participant (including TIN, type of activity)
2. Information about shareholders/participants holding more than 5% of the share in the authorized capital of the Participant (with indication of the ownership fraction), as well as the final beneficiaries
3. Financial statements (preferably in accordance with IFRS) for the last 3 years.

Applications language could be Uzbek, Russian or English (at the discretion of the participants).

The deadline for submission of Express of Interest is no later than October 20, 2022, 18:00 Tashkent time at the below address: azamat.sadikov@piamg.uz, firdavs.khadjaev@piamg.uz, munir.yakubov@piamg.uz.

The received applications will be sorted in accordance with the following criteria:

• sufficient financial resources to acquire the Asset;
• absence of any judicial, administrative, arbitration or other proceedings, the result of which may be a ban on participation in the privatization process;
• Compliance with Uzbekistan Law #660-II (as amended on January 15, 2019) "Countering the legalization of proceeds of crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction".
• Neither the Applicant (or, in the case of the Consortium, any of the Consortium Members) nor any of the Consortium Members must be on the public sanctions lists of the European Union and the United States or any of the major international development banks (World Bank, European Bank for Reconstruction and Development, Asian Development Bank), or on the date of the Application must be subject to any proceedings or investigation by the aforementioned sanctions authorities. Also, neither the Applicant (and, in the case of the Consortium, none of the Consortium Members) nor any of its/their affiliates is/are in any way involved in any activity (directly or through any subsidiary) contrary to the sanctions regime of the aforementioned institutions and states and, neither the Applicant (or in the case of the Consortium, any of the Consortium Members) nor any of its/their Related Parties have as principal financiers or lenders banks or financial institutions which are sub-sanctioned persons or persons controlled or owned by sub-sanctioned persons.

Applicants who have successfully passed the Express of interest stage will be invited to participate in the next Submission of non-binding offers stage of the privatization process, and Process Letter with detailed information on this stage will be addressed to them.

In order to confirm their future participation in the privatization process, applicants are to sign a Non-Disclosure Agreement (NDA) and then will be given access to a Virtual Data Room (VDR), which provides them with an Information Memorandum prepared by an international consultant, that contains the information necessary to prepare indicative non-binding offers for the purchase of the Company. 

For more information, you can contact the above communication channels.

DISCLAIMER

The State Assets Agency reserves the right to change the sequence of the privatization process or refuse to sell to any potential buyer(s) or negotiate with them at any time without explanation.

This announcement, or any part of its content, should not be taken as a form of obligation on the part of the State Assets Agency, Portfolio Investments in relation to the Asset sale, as one might assume in connection with the publication of this announcement.

The State Assets Agency reserves the right, in its sole discretion, at any time and in any respect, without assuming joint or individual responsibility:

(i) Change the deadline for submission of applications;

(ii) Follow different procedures with respect to different stakeholders and/or negotiate with one or more potential buyers within the schedule and procedure established jointly by the State Assets Agency and Portfolio Investments, to the exclusion of any other potential buyer(s) without prior notice;

(iii) Stop the sale process for any reason;

(iv) Stop all discussions and negotiations with any potential buyer(s) in relation to the Transaction at any time and without explanation.