The State Assets Management Agency reports on agreement (hereinafter - the "Transaction") that was reached with JSC "Toshkentvino Kombinati" for the sale of the state shares in the amount of 51 percent in the authorized capital of JSC "Bektemir Spirt Experimental Plant" (hereinafter - the "Asset") for 48.8 billion soums.
In accordance with the Decree of the President of the Republic of Uzbekistan dated February 11, 2021 "On measures to further accelerate the privatization of state assets" №PD-6167, based on international practices of privatization of enterprises of the industry, the results of a comprehensive analysis of the Asset (due diligence), as well as following the recommendations of the Consultant on privatization, the sale of 51 percent of state share was realized on a competitive basis by public competition.
The Consortium "Abrau Capital and Centil" was attracted on a competitive basis as a privatization consultant for the sale process, as well as "Baholash va Konsulting Markazi" LLC for appraisal of state shares.
According to the announcement on the commencement of the 51 percent shares in the Asset, on the official website of the State Assets Management Agency, dated April 2, 2022, the Consultant accepted all Expressions of interest from applicants.
However, this announcement was also published in the media (Spot, Uzbekistan Newsline, Kursiv Media and others), social networks - LinkedIn and Monochrome (with an audience of more than 21 thousand foreign readers).
In addition, the Consultant organized the distribution of an investment teaser about "Bektemir Spirt Experimental Plant" to 38 companies on a list of potential investors.
Local and foreign applicants expressed their interests in acquiring a state-owned share of the Asset, from which applications were received and a competitive environment was ensured.
Interested applicants were given the opportunity to access the Virtual Data Room (VDR) for a detailed study of the Asset's perfromance, related financial, legal, environmental and tax information, prepared by the consultant (due diligence).
It is worth noting that among the proposals received, JSC "Bektemir Spirt Experimental Plant" the applicant fully meets the requirements, which is a strategic partner of the Asset (only for 2021 JSC “Toshkentvino Combine” purchased through exchange trades over 80% of sold alcohol products of the Asset), and will be able to ensure its sustainable development in the future and form a full cycle of alcohol production with higher added value, in addition, “Toshkentvino Combine” JSC received a price offer higher than that offered by other applicants, and higher than the price determined by the consultant and an independent evaluation company.
At the same time, the implemented infrastructure of digital labeling in the production of spirit and alcoholic products will allow JSC "Toshkentvino Combine" to trace the entire supply chain to the end consumer and increase the efficiency of the entire business.
Taking into account the above-mentioned considerations and price parameters of the offer, JSC "Toshkentvino Combine" was selected as the winner of the public competition, hence the work on signing legally binding documents on the Transaction will be carried out between winner and the State Assets Management Agency.
