The investment company UzAssets announced that it had reached an agreement with JSC Ural Energy Construction Company (Russia) on the privatization of 58.41% of the shares in Elektrkishlokqurilish JSC for 93.2 billion soums.
The Russian giant is engaged in the construction of power transmission lines, substations and other turnkey power grid infrastructure facilities.
The deal was advised by Grant Thornton and legal support was provided by Dentons. In total, seven investors showed interest in the asset.
UzAssets expressed hope that the Russian company would be able to maintain the sustainable development of the acquired asset in the face of increased competition in the country's energy market.
Elektkishlokkurilish was established in 1936, and in 1998 was transformed into a joint stock company. The company builds high-voltage transmission lines and substations and manufactures structures made of reinforced concrete and metal.
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