Terms of sale of the former Chorsu hotel complex announced

Tashkent, Uzbekistan (UzDaily.com) -- In accordance with the resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 774 from 16 September 2019, the State Assets Management Agency of the Republic of Uzbekistan announced the conditions for the sale of the former Chorsu hotel complex.

The former Chorsu hotel complex will be sold on the following conditions:

- at a starting price of 1 soum on the electronic trading platform “E-IJRO Auction”;

- stage of the auction 100.0 million;

- registration on the website www.e-auksion.uz to open a personal account and personal account of a bidder to participate in the auction;

- the bidder must fill out a personal account in the amount of at least 5% of the established investment amount and submit an application for the position number (in case the winner rejects the contract, the deposit amount is not refundable);

- documents confirming that the winner-depositor has made at least 10% of the amount of investments (about 2.5 million US dollars) with the opening of a separate account with his servicing bank (certificate from the corresponding commercial bank) and a letter of guarantee about the use of these funds for investments must be submitted before the conclusion of the contract of sale.

The online auction starts at 9:00 a.m. on 21 October 2019. Submission of applications for an electronic auction begins on the day of the announcement of the auction and ends at 13:00 1.5 days before the day of the auction.

In the event that the auction is deemed not held, repeated bidding will be held again every 15 business days.