Tashkent, Uzbekistan (UzDaily.com) -- On 3 December 2020, at the Ministry of Economic Development and Poverty Reduction, a meeting was held between the Deputy Prime Minister, Minister of Economic Development and Poverty Reduction Jamshid Kuchkarov and Ms. Arielle Malard de Rothschild, a member of the board of directors of Rothschild & Co, to discuss possible areas of cooperation on the implementation of the provisions of the Decree of the President of the Republic of Uzbekistan "On measures to accelerate the reform of enterprises with the participation of the state and the privatization of state assets ”.

During the meeting, it was noted that under the leadership of President Shavkat Mirziyoyev, the Republic of Uzbekistan has embarked on a broad reform program to support economic growth. Within the framework of this plan, special attention is paid to the liberalization of the economy, the continuation of institutional and structural reforms aimed at reducing the presence of the state in it, further strengthening the protection of rights and the priority role of private property, encouraging the development of small business and private entrepreneurship.

Purpose of the visit is participation of Rothschild & Co in the privatization of Coca-cola Uzbekistan.

In accordance with the Order of the Cabinet of Ministers No. 324-F of 7 July 2020, preparatory work is being carried out to organize the sale of the state share of the Republic of Uzbekistan (in the amount of 57.118%) in the authorized capital of the limited liability company "Coca-Cola Bottlers Uzbekistan, Ltd" (hereinafter "Company "Or" CCBU ").

Leading international consultants were attracted on a competitive basis - investment bank Rothschild & Co (financial consultant), law firm Dentons (legal consultant), as well as KPMG (preparation of financial and tax reports, as well as assessment of the state share in the authorized capital of the company).

During the discussions, special attention was paid to the issue of reforming and transforming enterprises of the oil and gas sector of Uzbekistan. The need to change business processes and asset management was noted in order to bring companies in this area to a qualitatively new level. In particular, the possibility of creating a consortium of consulting companies with the involvement of international consulting companies in the field of audit, legal services, as well as operational and strategic management was discussed. This will allow for a comprehensive transformation of enterprises with the participation of the state, contributing to increased accountability, the transition to IFRS, improving the quality of asset management, as well as access to international capital markets.

Arielle Malard de Rothschild expressed the readiness and interest of Rothschild & Co to take part in the implementation of a wide program of privatization and transformation of enterprises with state shares as a consultant.

The parts also exchanged views on further prospects for cooperation in the field of privatization and transformation of the energy sector, in particular, defining the scope of work, as well as developing a "road map" with relevant proposals.