Tashkent, Uzbekistan (UzDaily.com) -- Tropidia Holding B.V. (The Netherlands) buys 44.71% block of shares in the authorized capital of Uzbekkimyomash zavodi JSC, Investment Company UzAssets JSC under the State Assets Management Agency said.

The cost of the deal is 37 billion soums. The results of the conducted international process on privatization block of shares of the Company were approved by the relevant decision of the State Commission on conducting tenders for the sale of state property.

Five  Express of Interest applications were received from investors. The received applications were examined to ensure that there were no administrative, arbitration or other legal proceedings that could prohibit the applicants from participating in the privatization process, and that they were not included in the sanctions list of the European Union, the United States and major international financial institutions.

Moreover, as part of the preparation of the Binding Offers, investors qualified for not being on the sanctions lists were given the opportunity to conduct their own due diligence of the Enterprise as well as to review analytical reports on the financial, tax and legal activities of the Enterprise prepared by the Consultant and posted in the Virtual Data Room (VDR).

The best Binding Offer, the price parameters of which are within the indicative range of values calculated by the Consultant and exceeding the results of the independent appraisal, was provided by Tropidia Holding B.V. (Netherlands). At the same time, UzAssets expects that in future the Buyer will be able to maintain sustainable development of Uzbekkimyomash zavodi JSC in conditions of increasing competition in the market, and will be able to become one of the largest industrial enterprises in the Republic of Uzbekistan in design and production of heat-exchange equipment, pumps, turbo-compressors, columns and tanks, as well as complex steel structures.

Uzbekkimyomash zavodi specializes in design, production and maintenance of heat-exchange equipment, pumps, turbo-compressors, column and tank equipment, as well as complex metallurgy. And also, the Company has huge capacities of supplying electricity, natural gas, carbon dioxide, oxygen, as well as completed corridors of railroad tracks (5.9 km from Chirchik station, throughput capacity - 250 wagons/10,000 tons per month). In addition, the Company is a supplier of spare parts for Navoiazot JSC, Navoi and Almalyk MMC, MaksamChirchik JV and a number of other companies.