The State Assets Management Agency has announced that the government’s 100% stake in Uz-Koram Co (Uz-Koram Kompani LLC), which manufactures components for GM models in Uzbekistan, had been sold.
The privatization took effect through a public invitation to negotiate. The consultant for the deal, Portfolio Investment, received expressions of interest in the purchase from five local and international investors from Europe, West and Southeast Asia, and the CIS.
Four bidders submitted binding offers, one bid was rejected due to the lack of documents and evidence of sufficient financial resources to purchase the asset.
Only two bidders submitted binding offers within the specified time frame. Centrum Aviation FZCO from the UAE, which offered $24 million, was declared the winner of the auction.
According to the Agency, the buyer's offer is at the top of the indicative price range as calculated by the consultant, and is above the company’s estimated value.
Reportedly, the buyer has undertaken to keep the main activity of the enterprise for a period of at least 10 years, to comply with license agreements for technical support with the supplier approved by General Motors, the licensee of the products, as well as the requirements and related restrictions established in the agreement of the Main Alliance for the use of technological equipment related to General Motors technologies.
The state commission approved the results of the privatization.
About the company
Uz-Koram Co was established in 1998 jointly with investors from the Republic of Korea. It is part of the Uzavtosanoat structure and annually produces more than 250 thousand front and rear bumpers, panels and other parts. The production concept includes a full chain of the technological process, which begins with the production, painting and assembly of products. The company's website says that the company is the largest manufacturer of plastic products in Uzbekistan.
About the buyer
Centrum Aviation FZCO was founded as part of Centrum Holding (My Freighter, Uzlogistic, Centrum Air) in 2021 in the UAE (Dubai Airport Free Zone). The company's main activities include air cargo transportation, brokerage services in the field of aviation trade and aircraft leasing. In Uzbekistan, the company provides aviation services under the Centrum Air brand and logistics services jointly with UzAuto Motors under the Uzlogistic brand.
