Tashkent, Uzbekistan (UzDaily.com) — Centrum Aviation FZCO has acquired 100% of the state-owned share in Uz-Koram Kompani LLC for US$24 million, according to Uzbekistan’s Agency for State Assets Management.

During the privatization process, the consulting firm Portfolio Investments received Expressions of Interest (EOIs) from five local and international investors representing countries in Europe, Western and Southeast Asia, and the CIS.

In the next stage, four bidders were invited to submit binding offers (BOs), while one applicant was disqualified due to non-compliance with criteria, including insufficient verified financial resources to purchase the asset.

By the deadline, two bidders submitted binding offers. Centrum Aviation FZCO (UAE) was declared the winner, offering the highest price of US$24 million.

The bid exceeded the appraised value of the enterprise and fell within the upper range of indicative prices determined by the consultant.

Centrum Aviation FZCO has committed to maintaining the company’s core operations for at least 10 years, adhering to licensing agreements for technical support approved by General Motors (USA), and complying with the terms and restrictions outlined in the General Alliance agreement governing the use of General Motors-related technological equipment.

The privatization results were approved by the State Commission for Privatization and Coordination of State Asset Management Processes.

Centrum Aviation FZCO is part of Centrum Holding, specializing in cargo air transportation, aviation brokerage, and aircraft leasing. In Uzbekistan, the company operates under the Centrum Air brand.

Founded in 1998 with the participation of South Korean investors, Uz-Koram Kompani was established to localize the production of automotive body parts. It is part of the "Uzavtosanoat" structure and produces over 250,000 front and rear bumpers, panels, and other auto components annually. In April of this year, the company was included in the state privatization program.