Uzbekistan, Tashkent, November 2 / Trend D. Azizov /
About 30 deals on merger and purchase worth $161.2 million were concluded in Uzbekistan in January-September, the Uzbek leading investment company, Avesta Invesment Group, said.
About 24 deals worth $784.6 million were concluded within the same period of 2008. Thus, the merger and purchase market increased 25 percent in quantity and reduced 4.9 times in value terms.
The experts of Avesta Invesment Group said that the largest deal for the reporting period was purchasing of some assets of Andijan JSC's Bobur complex by Turkish Mimatas Tekstil Sanayi ve Ticaret AS (spinning and weaving factory, the first dyeing and trimming factory, sewing manufacture) worth $11.4 million to build a large textile manufacturing company on the basis of the enterprise. The Turkish company intends to invest $75 million in reconstruction and expansion of the company for 2009-2012.
The Uzbek Reconstruction and Development Fund redeemed shares of additional issue of the second large authorized capital (300 billion soums) of the Uzbek Bank - Asaka Bank for 50 billion soums (16.67 percent in the authorized capital) and a package of additional issue of shares amounting to 21 percent of the authorized capital for 10.5 billion soums.
During the third quarter the Uzbek-Swiss Zeromax GmbH sold 64 percent of Uzkabel OJSC to the company from the United Arab Emirates - Adel Al Hussain General Trading CO for $15.4 million through auction on the " Tashkent " stock exhange.
The buyer previously owned a stake of 14.7 percent of the plant and now brings its stake to 78.7 percent. Canadian Tethyda Limited (100 percent of Tethys Petroleum Limited) has signed the agreement with British Rosehill Energy to acquire its share in the oil field of Northern Urtabulak. The deal was valued at 15 million ordinary shares of Tethys or $6.5 million. The moratorium on the sale during a year is in effect.
About 26 of 30 deals have been conducted through the stock exchange since early 2009.
About 67 deals with a package of shares worth more than 10 percent of the authorized capital of enterprises have been conducted for nine months on the stock exchange. About 10 deals fell on the repurchase market. The rest ones were not taken into account by analysts of Avesta Invesment Group due to the small volume (less than $100,000).
There are no large privatization deals or purchase of large industrial facilities on the market. They were the basis of the market in the past, analysts said.
Avesta Investment Group's and its subsidiaries' activities include financial and strategic consultations, broker and depositary services, assets governance, transactions with real estate, analytics and marketing research.