As previously reported, the Non-Binding Offer (NBO) stage of the privatization process of the state share in the authorized capital of InterHotel LLC (hereinafter - the Asset) has started.
To carry out the privatization process of this Asset on the basis of the best international practices, the international company Deloitte (hereinafter - the Consultant) was attracted as a Consultant on privatization, and the international company Ernst & Young was attracted as an independent appraiser.
At this stage, 6 investors participated upon the Consultant's recommendation and signed a Non-Disclosure Agreement (NDA) providing access to the Virtual Data Room (VDR), which stores information sufficient for the preparation of non-binding commercial offers, including analytical data on the Asset's performance prepared by Deloitte.
As a result, the Consultant received Non-Binding Offers (NBO) from 4 applicants within the deadline set at this stage until September 26, 2024.
These offers were reviewed by the Consultant and all applicants' offers were found to be compliant with the requirements of the Non-Binding Offer (NBO) stage. Therefore, it was recommended to admit all applicants to the next the Binding Offer (BO) stage of the privatization process.
Accordingly, all bidders who submitted a bid at the Non-Binding Offer (NBO) stage and a Process letter will be sent detailing the next stage.
Information on the next stage:
Participants are provided with the opportunity to access a Virtual Data Room (VDR) containing detailed financial, legal and operational information on the Asset, including a comprehensive due diligence prepared by the Consultant, to prepare their Binding Offers (BO), as well as to visit the Asset and ask questions of the management body.
Binding Offers (BO) for the acquisition of the Asset will be accepted by the Consultant until 23:59 (Tashkent time) on October 21, 2024.
Before the mentioned deadline, the applicants will also have to transfer, through their personal account in the electronic trading platform "E-auksion", at least 1% of the amount of the proposed binding price offer as a guarantee payment (mortgage). In this case, this guarantee payment (mortgage) is returned to the participants upon completion of the process, and the guarantee payment (mortgage) of the winner of the privatization process is transferred to the Privatization fund as part of the redemption payment.
The personal account and bank account details opened on the electronic trading platform "E-auksion" will be sent to participants by the Consultant via individual Process letters.
UzSAMA expresses its gratitude to all participants who showed interest in the privatization process and submitted offers, and expresses confidence in further constructive cooperation with the applicants, who successfully passed the Non-Binding Offer (NBO) stage.
DISCLAIMER
The State Assets Management Agency reserves the right to change the sequence of the privatization process or refuse to sell to any potential buyer(s) or negotiate with them at any time without explanation.
This announcement, or any part of its content, should not be taken as a form of obligation on the part of the State Assets Management Agency, “Portfolio Investments” in relation to the Asset sale, as one might assume in connection with the publication of this announcement. The State Assets Management Agency and “Portfolio Investments” reserves the right, in its sole discretion, at any time and in any respect, without assuming joint or individual responsibility:
(i) Change the deadline for submission of applications;
(ii) Follow different procedures with respect to different stakeholders and/or negotiate with one or more potential buyers within the schedule and procedure established jointly by the State Assets Management Agency and “Portfolio Investments”, to the exclusion of any other potential buyer(s) without prior notice;
(iii) Stop the sale process for any reason;
(iv) Stop all discussions and negotiations with any potential buyer(s) in relation to the Transaction at any time and without explanation.
