As previously reported, it was announced that new multi-storey business centers on the territory of the international business center "Tashkent City", owned by Alokabank JSC, Asakabank JSC and Uzpromstroibank JSCB (hereinafter - "Business Centers") are to be sold by by organizing an international open competitive sales process.
In order to attract major international institutional and financial investors from the industry, qualified in management and operation of Business Centers on the basis of the best foreign experience, implementation of international sales process based on individual features of property complexes, as well as organization of complex marketing campaign through the world's leading business publications, the company "KPMG" (hereinafter - "KPMG"/"Consultant") was attracted.
As part of the initial market sounding stage, investment teasers prepared by KPMG about the Business Centers were sent to more than 170 major international and local investors from the industry, and in this process their interest in buying the Business Centers as well as their opinions on the form of purchase, i.e. full purchase of the building or purchase with division into lots were studied.
Taking into account the interest of potential investors from the industry in the acquisition of Business Centers within the framework of "Market sounding", their opinion on the mechanism of approach to the sale, the possibility of attracting international investors from the industry, Business Centers will be sold as three separate integral property complexes divided into three separate lots.
Brief information about Business centers:
Multi-storey building of JSCB "Uzpromstroybank":
- Total area: 82,284 m2;
- Total number of floors: 33.
Multi-storey building of JSC "Alokabank":
- Total area: 81,439 m2;
- Total number of floors: 26.
Multi-storey building of JSC "Asakabank":
- Total area: 66,202 m2;
- Total number of floors: 26.
Information about the sales process:
The sale process is based on a public invitation to negotiation method that is open to all interested parties.
The sale process will be carried out in two stages, including the Express of Interest and the submission of Binding Offers (BO).
At the same time, the international company Deloitte, a member of the "Big 4" group, will be attracted to appraise the Business Centers.
The process of implementation of this stage of the Transaction:
As part of the Express of Interest stage, participants are invited to express their interest in the form of a Application (Expression of Interest), including the following information:
- Brief information about the Participant (including TIN, type of activity) and future plans for use of the Business Centers in case of acquisition.
- Information on shareholders/participants owning more than 5% stake in the Participant's authorized capital (with indication of ownership share), as well as ultimate beneficiaries.
- Financial statements for the last 3 years.
The Expression of Interest may be prepared in Uzbek, Russian or English languages and sent to the following e-mail addresses by 18:00 (Tashkent time) on September 9, 2024:
After publication of this announcement, the Consultant will continue its marketing campaign on distribution of investment teasers through KPMG's international contacts in order to attract potential investors.
The received applications will be selected in accordance with the following criterias:
- Sufficient financial resources to acquire the asset;
- absence of any judicial, administrative, arbitration, or other proceedings, the result of which may be a ban on participation in the privatization process;
- Compliance with Uzbekistan Law #660-II (as amended on January 15, 2019) "Countering the legalization of proceeds of crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction";
- Neither the Applicant (or in the case of a Consortium, any of the Consortium Members) nor its shareholders/participants shall be a state-owned company or a company with a state share in the authorized capital;
- Neither the Applicant nor any of the Consortium Members (in the case of the Consortium) must be on the public sanctions lists of the European Union and the United States or any of the major international development banks (World Bank, European Bank for Reconstruction and Development, Asian Development Bank), or on the date of the Application must be subject to any proceedings or investigation by the aforementioned sanctions authorities. Also, neither the Applicant (and, in the case of the Consortium, none of the Consortium Members) nor any of its/their affiliates is/are in any way involved in any activity (directly or through any subsidiary) contrary to the sanctions regime of the aforementioned institutions and states and, neither the Applicant (or in the case of the Consortium, any of the Consortium Members) nor any of its/their Related Parties have as principal financiers or lenders banks or financial institutions which are sub-sanctioned persons or persons controlled or owned by sub-sanctioned persons.
At the end of this stage of the sale process, Participants will be individually informed by Deloitte about the further organization of the processes by means of a Process Letter.
The contact persons for this project are:
- Saltanat Sandikbayeva, KPMG's Partner: SSandykbayeva@kpmg.com, tel:. +99890-099-21-20;
- Shokhrukh Okhunov, Head of Department of UzSAMA: sh.okhunov@davaktiv.uz; tel: +998 71 259 20 23
Information about the next stage of the sales process:
Potential investors who proceed to the next stage of Binding Offers (BO) are signed a Non-Disclosure Agreement (NDA) and given access to the Virtual Data Room (VDR) where KPMG's comprehensive analytical data (Due-diligence) is stored. And, an opportunity is also provided to visit the Business Centers and ask questions to its Management Body.
The State Assets Management Agency will ensure that additional information on each stage of the sales process is provided to the public.
