The State Asset Management Agency announced the sale of the government stake in the renowned Trust-12 construction company. The 51.12% government-owned block of shares was put up for sale in September 2021, but the privatization process was completed only 3.5 years later.
Deloitte was hired as a privatization consultant.
According to the Agency, four companies expressed interest in the purchase, three of which advanced to the next stage. Only two companies submitted binding offers on time.
Delta Global Dynamics was declared the winner of the auction, offering 111 billion soums, US$ 8.5 million.
“The buyer’s offer is located in the upper part of the indicative price range estimated by the consultant and meets the estimated value of the enterprise,” the statement said.
The buyer has undertaken to keep existing jobs for a period of two years, not reduce the current wage fund, and not worsen the terms of the bargaining agreement.
The deal has been approved by the State Privatization Commission.
About Trust-12
Trust-12, founded in 1979, is one of the most famous construction companies in Uzbekistan. Trusts are Soviet form of organizing related business organizations into one entity. Russia, Belarus, Ukraine had its Trust-12s of their own.
The Uzbek Trust-12 has its own production and technical base in Tashkent, and an engineering staff with many years of experience. The company's equipment fleet allows to perform major construction projects on its own.
The Trust-12 completed dozens of iconic projects, the likes of the Cabinet of Ministers and ministries, the National Library, the Minor mosque, etc., industrial facilities (GM Powertrain plant), the Hyatt Regency hotel complex, Westminster International University in Tashkent and many others.
Trust-12 is also involved in the Center for Islamic Civilization project, the auto assembly plant in the Jizzakh FEZ, several residential complexes in Tashkent, the buildings of the Embassy of Uzbekistan in Kazakhstan and other objects.
The company's net profit in Q3 of 2024 reached 8.26 billion soums, which is 3.5 times more than for the same period in 2023. In 2023, net profit topped 22.75 billion soums, or US$ 1.75 million.
Among the equity holders according to the governmental services portal are Jasur Zakirov (14%) and Mukhayo Zakirova (14%), who are the son and wife of former Construction Minister Botir Zakirov.
It was reported In April 2021 that Trust-12 had been awarded major government orders without a tender. That year, the director of the Anti-Corruption Agency, Akmal Burkhanov, confirmed the existence of a conflict of interest in the company's projects. According to him, the Trust had completed projects worth 5 trillion soums.
Botir Zakirov, who left the post of Minister of Construction in July 2024, confirmed that his close relatives (wife and son) work at Trust-12, but emphasized that the company is chosen for its image and more than 40-year history. Decisions on the awarding of projects without a tender are made by the government and the president, and they do not depend on him or his family, the minister stated.
About Delta Global Dynamics
Delta Global Dynamics was incorporated in January 2022. Its director is Vladimir Teplov, and its founder is Daniyar Kamilov (99%), the son of the former Foreign Minister, now Deputy Secretary of the Presidential Security Council Abdulaziz Kamilov.
In addition, Delta Global Dynamics with Advanced Retail International Co (10%) and Salveo Limited holds stakes in in a number of companies - Retail Boutique, Retail Store Pro, Retail Group Store, Spanish Store, Retail Group Global, Master Retail Store, Fashion Retail Store, Fashion Group CA, which are associated with the Saudi Cenomi Group (former Al Hokair), which owns the brands such as Zara, Zara Home, Massimo Dutti, Bershka, Pull & Bear, Oysho and Stradivarius. These are the brands that are present in the Tashkent City Mall.
In February 2022, one of Daniyar Kamilov's companies, First Premium Alliance, acquired the largest alcohol plant in Uzbekistan. He also owns Progressgortech-Asia (servicing jet fuel suppliers at airports in Uzbekistan, stationed at 9 airports) and Metropol Group (consulting on commercial activities and management). The latter purchased the former building of the National Security Service in the center of Tashkent for 210 billion soums in June 2021. Construction of a premium Radisson hotel has begun in its place.
Kamilov's Petroleum Technology Group purchased the Chinaz Oil Refinery, previously owned by Uzbekneftegaz. Earlier, the same company privatized the UNG Petro gas station network, which changed its name to Carvon.
The entrepreneur Kamilov also has stakes in Railway Logistics Company, Premium Uzbekistan, Avendors, Olkon-Investments and Olkon Global.
