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31 January 2023

The agreement to sell the state block of shares in the authorized capital of Kokand Biochemical JSC was reached

According to the relevant privatization programs, the UzSAMA informs about reaching an agreement to sell 99.7% of state block of shares (hereinafter - the Deal) for 277.0 billion UZS in the authorized capital of Kokand Biochemical JSC (hereinafter - the Company) with First Premium Alliance LLC (hereinafter - the Buyer).

The results of the privatization of the Company was approved by the relevant decision of the State Commission for conducting tenders for the sale of state property.

Previously, Investment Company UzAssets JSC (UzAssets) on the basis of the competitive selection of an acceptable offer attracted an international company Deloitte (hereinafter - the Consultant) as a privatization consultant, and international law firm Dentons provided legal assistance. As part of this privatization, the activities of the consultants were coordinated by UzAssets.

In the framework of the privatization process of the Company, the Consultant, the UzAssets and the UzSAMA conducted a large-scale marketing activities both locally and internationally, including sending out investment teasers to various foreign and local investors (Investor sounding) with the involvement of a wide network of international investors of the Consultant.

As a result, 4 Express of Interest applications were received from various investors.

The applications received were analyzed 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 on the sanctions list of the European Union, the United States and major international financial institutions.

Subsequently, all applicants were admitted to the next stage of the privatization process, the submission of Binding Offers (BOs). At this stage, a Non-Disclosure Agreement (NDA) was signed with the applicants, as well as the opportunity to review complex analytical (due diligence) reports on financial, tax, legal and environmental activities of the Company, prepared by the Consultant and placed in the Virtual Data Room (VDR). At the same time, all the applicants were given the opportunity to organize meetings with the management of the Company and review the activities of the Company.

It is worth noting that among the submitted proposals, First Premium Alliance LLC fully meets the requirements as a applicant, being one of the leading producers of alcoholic beverages, which will be able to ensure sustainable development of the Company in the future and to form a full cycle of alcohol production with higher added value. In addition, the offer of the Buyer is within the range of indicative prices of the Enterprise, calculated by the consultant, and higher than the appraised value of the Enterprise determined by an independent appraiser.

At the same time, one of the priority measures planned by the Buyer after the completion of the Deal is the introduction of digital labeling in the production of alcohol and alcoholic beverages, which will allow to trace the entire supply chain to the end consumer and increase business efficiency. 

General information about First Premium Alliance LLC:

First Premium Alliance LLC is a company specializing in the wholesale and retail sale of alcoholic beverages. The Company has implemented the international food safety standard ISO 22000:2005. Presence of a large alcohol production facility in Tashkent, as well as availability of large distribution networks of the Company in the country and CIS countries, provides an opportunity for further development of business operations of Kokand Biochemical JSC and create additional infrastructure. Currently, the Company cooperates with such large retail chains as Legion, Lavini and Duty Free International Airport.

 

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