According to the announcement published by the State Asset Management Agency on September 19, 2022, the Express of Interest stage of the purchase of 100% state share (the "Deal") in the authorized capital of Angren Pipe Plant LLC (the "Company" or the "Asset") has been completed.

Portfolio Investments LLC ("the Consultant") was attracted as the lead privatization consultant of the State Assets Management Agency for this Deal.

In the framework of the Company's privatization processes, the Consultant carried out complex marketing activities, including the distribution of investment teasers to more than 200 potential investors. As a result, by October 20, 2022, the Consultant received Express of Interest applications from 5 international and local investors.

All proposals received by the State Assets Management Agency together with the privatization consultant were analyzed for compliance with the following criteria:

• absence of any judicial, administrative, arbitration or other proceedings that might result in a ban on participation in the privatization process;
• compliance with Law of the Republic of Uzbekistan No. 660-II "On Counteraction of Legalization of Criminal Proceeds, Financing of Terrorism and Financing Weapons of Mass Destruction Proliferation";
• the applicant (or, in the case of a consortium, any member of the consortium) or any of its affiliated persons should not be included in the public sanctions lists of the European Union and the USA, as well as any of the major international development banks (the World Bank, the European Bank for Reconstruction and Development, the Asian Development Bank).

As a result of in-depth analysis of the proposals received by the Consultant according to the above criteria, 4 applicants have been admitted to the next stage. 

Accordingly, those applicants who have successfully passed the Express of Interest stage will be invited to participate in the next accepting binding offers (BO) stage of the privatization process and the Consultant will send them a Process Letter for this stage.

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 access to a Virtual Data Room (VDR) which contains independent analytical reports on financial, tax, legal and environmental analysis (VDD) prepared by the Consultant. Additionally, applicants will have the opportunity to visit the Company directly and meet with management.

Binding offers (BO) for the purchase of the Assets will be accepted by the Consultant until 18:00 (Tashkent time) December 10, 2022.

The State Assets Management Agency together with Portfolio Investments LLC 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.