The State Assets Management Agency of Uzbekistan has completed the privatization process for the 100% state-owned share in "Uz-Koram Kompani", awarding the sale to "Centrum Aviation" (UAE) for $24 mn. The privatization was conducted as part of the government's ongoing privatization programs, with "Portfolio Investments" serving as the consultant.
The process began with a marketing campaign targeting investors across the CIS, West and South-East Asia, and Europe. Five Expressions of Interest were received, with four applicants meeting the criteria for advancing to the Binding Offers (BO) stage. One applicant was disqualified for failing to meet the criteria and provide proof of sufficient financial resources.
In the Binding Offers stage, participants signed Non-Disclosure Agreements and were granted access to a Virtual Data Room containing analytical reports on the financial, tax, legal, and environmental aspects of the enterprise. Meetings with the enterprise's management were also arranged. Two applicants ultimately submitted binding offers.
"Centrum Aviation" emerged as the highest bidder, offering $24mn. The offer was at the upper range of the indicative price calculated by the consultant and exceeded the enterprise's estimated value.
Centrum Aviation, part of Centrum Holding, specializes in air cargo transportation, aviation trade brokerage, and aircraft leasing. The company operates in Uzbekistan under the "Centrum Air" brand, providing aviation services.
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