An auction was held on the E-auksion platform for the state share in the joint venture UzERAECable, on June 19. The auction lasted for 34 minutes and involved 14 bidding steps. Sherzod Umarov placed the winning bid, offering UZS 8.19bn ($646,427) for the asset, a 70% increase over the starting price.
The State Asset Management Agency (SAMA) initially offered 50% of the UzERAECable enterprise for sale via an online auction platform in early 2023. At that time, the asset was valued at UZS 48.2bn ($3.8bn). UzERAECable, founded in 2009 with the participation of the South Korean company ERAE CS., is located in the Navoi Free Economic Zone and produces electrical wiring and other electrical components for cars.
The joint venture has an authorized capital of UZS 6.91bn ($545,398). Its fixed assets are valued at a book value of UZS 67.9bn ($5.4mn), with a depreciation rate of 67.2%. UzERAECable owns a 2-hectare plot and facilities covering a total area of 5,300 square meters.
The financial status of the plant shows it has debts amounting to approximately UZS 32.9bn ($2.6mn) while being owed UZS 13.9bn ($307,822). In 2021, the joint venture reported a profit of UZS 4.33bn (341,761).
The auction saw competitive bidding, with Sherzod Umarov emerging as the winner with his bid of UZS 8.19bn ($646,427).
UzERAECable supplies high-quality products and services to its customers, aiming to provide more than just excellent products and services. UzERAECable conducts research and participates in various programs that promote the development of the industry sector and bring important benefits to the community.
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