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17 February 2023

The agreement to sale 100% state share in the authorized capital of "Angren pipe plant" LLC was reached

According to the relevant privatization programs, the State Assets Management Agency (UzSAMA) reports about reaching an agreement with a consortium of Natural Juice LLC and insurance company Gross JSC to sell 100% state share in the authorized capital of Angren pipe plant LLC (the “Enterprise”) for 19.2 million USD (217.5 billion UZS at the exchange rate of the Central Bank on 14.02.2023).

The results of the conducted international process on privatization block of shares of the Company were approved by the relevant decision of the State Commission on conducting tenders for the sale of state property.

Herewith, UzSAMA on the basis of competitive selection of an acceptable offer attracted the company Portfolio Investments LLC (the “Consultant”) as a privatization consultant, as well as an independent appraisal of the Enterprise was carried out by the Baholash va konsalting markazi LLC.

As part of the privatization process, the Consultant and UzSAMA conducted extensive marketing activities both locally and internationally, including the distribution of investment teasers to various foreign investors (investor sounding) through the Consultant's investor network.

As a result, 5 Express of Interest applications were received by investors from Europe, CIS and Uzbekistan. The received applications were examined to ensure that there were no administrative, arbitration or other legal proceedings that could prohibit the applicants from participating in the privatization process, and that they were not included in the sanctions list of the European Union, the United States and major international financial institutions.

Moreover, as part of the preparation of Binding Offers, a Non-Disclosure Agreement (NDA) was signed with 4 applicants who met the qualification requirements, then they were given the opportunity to conduct their own due diligence of the Enterprise, as well as to review analytical reports on financial, tax, legal and environmental activities of the Enterprise, prepared by the Consultant and placed in the Virtual Data Room (VDR).

Thus, the best Binding Offer, the price parameters of which are within the indicative range of values calculated by the Consultant and exceeding the results of the independent evaluation, was provided by the consortium of Natural Juice LLC and the insurance company Gross JSC.

For reference:

The insurance company Gross JSC operates in all 17 categories of insurance since 2011. Gross team consists of more than 450 highly qualified specialists. More than 80 branches operating throughout the country, providing more than 100 types of insurance products in all 17 categories of insurance in voluntary and compulsory forms.

Angren pipe plant LLC is an enterprise producing copper pipes of different diameter in Uzbekistan. Project capacity of the plant is 8,000 tons per year. Main raw material is copper cathode with main metal content of 99.99% (GOST 546) supplied by Almalyk MMC JSC, one of the biggest mining enterprises in Central Asia region. The central office of the company is located on Akhangaron Street in Angren city of Tashkent region. The company started commercial activities in 2013.

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