Tashkent, Uzbekistan (UzDaily.com) —  The process for selling 70% of the state stake in the charter capital of UZ CHASYS LLC has begun in Uzbekistan, according to the State Assets Management Agency.

The privatization consultant is Portfolio Investments.

UZ CHASYS LLC was established in 2008 and specializes in the production of automotive electric lighting systems. The company’s charter capital amounts to 12.96 billion soums.

Currently, 30% of the company’s charter capital is owned by the South Korean company AMS CO.LTD, which has also expressed its intention to sell its stake on the same terms as the State Assets Management Agency.

It is important to note that the sale of the 70% state stake does not obligate AMS CO.LTD to sell its stake.

The sale will be conducted through a public invitation for negotiations, open to all interested parties.

The buyer selection process will consist of two stages: Expression of Interest (EOI) and submission of binding offers (BO). At the final stage, candidates will be required to make a security deposit of at least 1% of the proposed price.

The successful bidder will be required to maintain the company’s core activities for at least 10 years, comply with technical support licensing agreements with suppliers approved by General Motors (USA), and adhere to all restrictions set by the Main Alliance agreements regarding the use of technological equipment.

Additionally, the winner must preserve jobs and the workforce size at the enterprise for at least 2 years, and not reduce salary levels or worsen the terms of employment contracts.

Applications for participation in the Expression of Interest process will be accepted until 6:00 PM (Tashkent time) on 17 December 2024.