BAKU, Azerbaijan, Apr. 6
Trend:
UzAssets, an investment company established under the State Assets Management Agency (“UzSAMA”), announced the appointment following a competitive and transparent process of consultants to prepare 18 state-owned enterprises for privatization and to manage their privatization, Trend reports citing UzSAMA.
Deloitte, Grant Thornton, and KPMG will support UzAssets by providing financial, tax and legal due diligence, valuation services and identifying and negotiating with potential buyers.
On February 11, 2021, President Shavkat Mirziyoyev ordered the acceleration of the privatization of 18 state-owned enterprises. Among the assets to be sold off are majority stakes in Kafolat, one of Uzbekistan’s largest insurance companies; Quartz, the country’s largest glass producer and only glass jar manufacturer; and Trest-12, a leading construction company.
Also on the privatization list are oil and gas equipment producer Kokand Mechanical Plant, Uzbek Chemical Plant, Ferghana Oil Refinery, Jizzakh Plastics, Eletrqishloqqurilish (Rural Electric Construction Company) as well as 10 wine and spirits producers.
“By appointing prominent international consultants to support the sale of these 18 state-owned enterprises, we have taken a concrete step to ensure a transparent and professional privatization process familiar to international investors and capital providers, while also accelerating the timeline for the transfer of state-owned assets to private ownership. We expect that these enterprises, already successful in their respective industries, will thrive as privately owned companies,” said Akmalkhon Ortikov, the Director of UzSAMA.
“The Uzbek economy is growing at an impressive rate as President Mirziyoyev’s ambitious reform agenda delivers results. We welcome both foreign and domestic investors to participate in these privatizations and benefit from the growth and opening of Uzbekistan’s economy in the years ahead,” he added.