The State Assets Management Agency recently announced a significant step in the privatization of the state share in the authorized capital of Biokimyo . The "Expression of Interest" stage of the privatization process was launched on July 13, as per the official announcement. To facilitate the privatization, the agency engaged "Abrau Capital" company as a consultant, leveraging their expertise and international experience.
In order to attract potential investors, the consultant conducted comprehensive marketing activities and distributed investment teasers. By August 15, 2023, the consultant successfully garnered expressions of interest from three prospective investors.
The proposals submitted were meticulously analyzed by the State Assets Management Agency and the privatization consultant to ensure compliance with certain essential criteria, including:
Legal standing: The absence of any ongoing judicial, administrative, arbitration, or other proceedings that might hinder participation in the privatization process.
Legal compliance: Adherence to the laws of the Republic of Uzbekistan, specifically Law No. 660-II, which pertains to countering the legalization of criminal proceeds, financing terrorism, and proliferation of weapons of mass destruction.
Expertise: Proven work experience in the production of mineral fertilizers and/or semi-finished products.
Sanctions: No presence of participants (including key associated individuals) on the sanctions lists of the European Union, the United States, and international development institutions, with a low probability of future inclusion.
Financial viability: A robust financial position, supported by audited IFRS financial statements, and the demonstrated capacity to secure financing for a potential transaction.
Upon thorough evaluation, all the proposals from investors were found to align with the aforementioned criteria. Successful applicants from the "Expression of Interest" stage will proceed to the next stage, involving the submission of binding offers (BO). These applicants will receive a detailed Process Letter outlining the upcoming steps.
Applicants who sign a Non-Disclosure Agreement (NDA) will gain access to a Virtual Data Room (VDR) containing comprehensive information about the "Biokimyo" asset. This includes historical and forecasted financial performance, along with other pertinent information prepared by the consultant.
Binding offers for the acquisition of the asset will be accepted by the consultant until September 22, 2023, at 18:00 (Tashkent time).
The State Assets Management Agency expressed appreciation to all interested applicants who participated in the privatization process and submitted proposals. The agency looks forward to continued cooperation with those who successfully cleared the "Expression of Interest" stage, emphasizing mutual and beneficial collaboration.
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