Friday, 19, July, 2024

The State Asset Management Agency (SAMA) announced the privatization of the Foton company. The 85.58% government stake in the electronics plant was sold through a public invitation to negotiations to the Havvo Group agricultural holding for 151 billion soums (about $12 million).

Abrau Capital was the privatization consultant.

“In the future, the company will seek to increase the production volumes of the enterprise, further expand the types of products and the geography of their sales, increase management efficiency, as well as introduce modern corporate management systems and ensure the stable development of the enterprise,” the statement says.

SAMA claims that the buyer’s offer is “in the upper limit of the indicative price range” calculated by the international consultant and “exceeds the estimated value of the enterprise.”

About the plant

The Foton plant was founded in 1941 on the basis of an electric vacuum devices plant evacuated from the Moscow region. In 1995, the enterprise was transformed into a joint-stock company and is now part of the Uzeltehsanoat holding.

The company produces microcircuits for electronic equipment, as well as electrical products. The company owns manufacturing technologies (more than 70 types) of discrete and planar semiconductor diodes, low-noise field-effect transistors, and integrated circuits. Its facilities produce cash registers and Panda TVs.

The Foton plant employs about 300 people.

In 2023, 14.5 thousand units of products were produced, net income topped 36.4 billion soums, net profit - 1.4 billion soums, net assets - 20.1 billion soums, liabilities - 1.8 billion soums.

On December 7, 2023, Ukrainian President Vladimir Zelensky imposed sanctions against Photon and its former leader Marufkhodzhi Saidumarov.

About the buyer

Havvo Group is an agricultural holding established in 2019 and engaged in the export and import of seasonal agricultural products, dried fruits and nuts. The holding includes a group of companies: Havvo Group, Havvo Agro Food, Havvo Trust, Havvo Noble CIS.

As reported on the company’s website, the holding’s annual export turnover is about $30 million, and its import turnover is about $10 million.

The founder and CEO of the company is Ziyodulla Kholmirzaev.

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