Wednesday, 15, July, 2020

The state’s 80.13% stake in Tashkent's "Uzbekistan Hotel"was sold at a public auction to Bashan Investment Group PTE LTD from Singapore. The company will have to pay US$ 23.2 million in 24 months, invest 100 billion soums, or US$ 10 million, in 1.5 years, the State Assets Management Agency (SAMA) said.

The stake was put up for sale In February 2019. The initial price was US$ 33 million, including investment commitments of 100 billion soums,  with the condition to maintain its main type of activity (hotel services) for 10 years, renovating the hotel without changing the external facade and attracting the best managers for the hotel management.

As there were no bids, the price was first cut by 10%, and then in stages to 30%. As a result, the value of the asset dropped to US$ 23.1 million. SAMA negotiated with tourism companies from the UK, Turkey, the United Arab Emirates and Singapore and received offers from six companies.

Bashan Investment Group PTE LTD was registered on December 2, 2005. The main activity is the management of other holdings, the secondary activity is the production of dramas (Japanese television series), variety shows (pop shows) and documentaries, including television shows.

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