In accordance with the relevant privatisation programmes, a total of 75.0% of banks' shares (5 state banks) in the authorised capital of Unified All-Republican Processing Centre LLC (hereinafter - the Company) were transferred to the State Assets Management Agency.

In this regard, the issue of effective use and disposal of these shares, provided to carry out on the basis of the decision of the State Commission for conducting tenders for sale of state property (hereinafter - the State Tender Commission).

During the past period, according to the formalised decisions of the management bodies of the banks, a total of 75.0% of shares in the authorised capital of the respective banks (5 state-owned banks) were transferred to the State Assets Management Agency.

It was decided by The State Tender Commissionto sell 75% of the state share in the Company by appraising it with attracting an independent appraisal organization

It should be noted that under Article 20 of the Law of the Republic of Uzbekistan "On Limited Liability Companies and Additional Liability Companies", a participant's share in the company's charter capital may be transferred to other participants in the company and third parties:

According to the fourth part, participants of a company enjoy a pre-emptive right to purchase a share (part of a share) of a participant of a company in case of its sale by any of the participants. Each shareholder of a company may exercise such right. If charter of a company or agreement of shareholders of a company does not provide other procedure for purchase of share for implementation of pre-emptive right, purchase of share (part of share) shall be provided by shareholders of a company in proportion to amount of their shares in authorized fund (authorized capital);

according to the sixth part:

- a shareholder of a company, who intends to sell his share (part of his shares) to a third party, specifying the sale price of shares (part of shares) and other conditions, shall be obliged to notify in writing other shareholders of the company and the company itself about it;

- a shareholder of a company who intends to sell his share (part of his share) to a third party shall be obliged to notify in writing the other shareholders of the company and the company itself about this, specifying the price and other terms of sale;

- if the aggregate value of the bids received does not exceed the size of the share to be sold, each of the participants acquires that part of it which he specified in his notification;

- if the aggregate value of received offers exceeds the size of the share (part of the share) to be sold, participants acquire in proportion to the size of their shares in the authorized fund (share capital), unless other distribution is provided for by the charter of the company or by agreement of the company's participants.

In turn, in accordance with the requirements of the Law of the Republic of Uzbekistan "On Valuation Activities" and the National Property Valuation Standard, an independent valuation organization engaged by the State Assets Management Agency has prepared a valuation report on the state share in the share capital of the Company and conducted an examination of the reliability of this report.

On this basis, the State Assets Management Agency notifies the other participants of the Company and the Company itself in writing of the possibility to exercise the pre-emptive right in accordance with the requirements of Article 20 of the Law of the Republic of Uzbekistan "On Limited Liability Companies and Additional Liability Companies" in selling 75% of the state share in the authorised capital of the Company.

In case other shareholders of the Company fail to exercise their pre-emptive right, arrangements will be made to sell this state share through mass sale in accordance with established procedure and additional information will be announced in accordance with this procedure.

Press service
State Asset Management Agency