Tashkent, Uzbekistan (UzDaily.com) -- The Singaporean company Indorama Corporation has completed the process of purchasing 99.02% of the state shares in the authorized capital of Ferganaazot JSC.

The Central Depository registered the purchase and sale agreement for the state block of shares of Ferganaazot JSC, concluded on 19 May 2023.

Indorama Petchem B.V. became the owner of the shares. The shares were transferred to the deposit account of this company.

At the same time, the company Indorama Petchem B.V. announced its intention to purchase the remaining preferred shares from their owners.

The agreement on the main terms of the purchase and sale agreement (Term sheet) of 99.02% of the state stake in the authorized capital of Ferganaazot JSC was signed on 16 January 2023 as part of the Business Forum in Singapore, organized on the eve of the state visit of the President of the Republic of Uzbekistan to the Republic of Singapore.

The transaction value is US$140 million. Indorama will also use US$100 million to modernize the enterprise.

The international consulting company Deloitte was involved as a leading consultant in the privatization process, the International Finance Corporation (IFC) was involved as a strategic consultant, and the international consulting company KPMG was involved as an independent appraiser.