Sunday, 09, May, 2021

Foreign companies have been hiredto help sell the government’s stake in Coca-Cola Bottlers Uzbekistan, Ltd (CCBU) (57.1%). The Assets Management Agency said that the process of selling the government’s stake in CCBU will be organized on the principles of transparency, in accordance with generally accepted international practice, not contrary to the Uzbek legislation.

The Agency noted that a working group consisting of officials of the Ministry of Finance, the Ministry of Investment and Foreign Trade, the Ministry of Economic Development and Poverty Reduction and the Ministry of Justice has been formed for this purpose. The international consultants - Rothschild & Co (financial consultant), Dentons (legal consultant), as well as KPMG (preparation of financial and tax reports, as well as assessment of the government’s stake state’s in the company) have been attracted following bids to conduct the sale.

Giovanni Salvetti, the official representative of Rothschild & Co for Russia and the CIS region, told the media in 2018 that the bank's management wants to enter the Uzbek market.

“I think that Uzbekistan is a very promising country and the new leadership is determined to modernize the country. Our experience in Kazakhstan, where we helped to privatize state-owned assets and transform banks, can be replicated in Uzbekistan,” Giovanni Salvetti said.

The State Assets Management Agency said that when the deal takes effect, a message will be posted on the Agency’s website inviting all interested buyers that meet the criteria.

«Coca-Cola Ichimligi Uzbekistan Ltd.» was established in Uzbekistan in 1993 with the first plant commissioned in March 1994. The Coca-Cola Export Corporation currently owns 42.9 percent stake in the company'. The company owns a total of 3 plants in Uzbekistan, in Tashkent, Namangan and Urgench.

The news of the sale of the government’s stake share in Coca-Cola Bottlers Uzbekistan, Ltd has been voiced since 2018.

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