The State Asset Management Agency of Uzbekistan has announced the commencement of a search for a consultant to facilitate the sale of a significant state-owned stake in Uzbekinvest, the country's export-import insurer. According to the announcement, 95.2% of the shares in Uzbekinvest will be offered to international buyers.
The selected consultant will play an integral role in this process, tasked with assessing the interest of potential investors in the insurance sector and providing strategic recommendations to prepare Uzbekinvest for sale. Key responsibilities include conducting a thorough analysis of the company's assets, devising a comprehensive marketing strategy, and determining an appropriate valuation range. Moreover, the consultant will oversee communications with prospective buyers throughout the transaction.
Applications from interested parties, whether individual firms or consortiums, are being accepted in Russian, English, or Uzbek languages.
The ideal consultant is expected to have experience in managing transactions involving insurance assets within the CIS countries since 2017.
About Uzbekinvest
Established in 1994, Uzbekinvest initially focused on providing export-import insurance services. Over the years, it has expanded its operations to cover all 17 classes of general insurance, earning a Ba3 rating from Moody's. The company underwent significant reforms in 2020 when the Cabinet of Ministers decided to transform it from a state-owned enterprise into a joint-stock company. These reforms included plans to introduce customer relationship management systems (CRM), enhance reinsurance protections for its portfolio, and implement other modernization initiatives.
In early 2023, Uzbekinvest began preparations for an initial public offering (IPO) on the local market, successfully raising over UZS 14 bn ($1.1 mn) from institutional investors during the offering in December of that year.
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