Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan’s State Assets Management Agency has announced the conclusion of an agreement for the sale of 100% of shares in the “Avtooyna” plant.

As part of the privatization process, organized with the support of consultants from Portfolio Investments, the asset attracted interest from eight local and international investors. Following a preliminary selection, four bidders submitted binding offers within the set deadline.

The winner of the tender was UET Invest LLC, which offered 200.5 billion Uzbek soums (approximately US$15.5 million at the Central Bank exchange rate). Under the terms of the agreement, the investor is required to pay 35% of the amount within one month of signing the contract.

According to the agreed terms, UET Invest is obligated to maintain the plant’s current production profile for at least 10 years. The company has also committed to upholding licensing agreements for technical support with a supplier approved by General Motors, as well as adhering to the requirements of the Master Alliance agreement governing the operation of GM-related equipment.

The proposed purchase price exceeds the plant’s appraised value and falls at the upper end of the consultant’s indicative valuation range. The State Commission on Privatization has approved the transaction results.

UET Invest LLC was established in January 2024 and is primarily engaged in fund and trust management. The company’s charter capital amounts to 52.05 million soums, with 77% owned by Khurdiyor Artykbayev and 23% by UET Construction. The company is headed by Hayot Fayziyev.

UET Construction specializes in engineering and construction projects in sectors such as power generation, industrial infrastructure, and transport, including airports, bridges, and highways. In September 2024, the company acquired the asset complex of the Chirchik Metallurgical Alloys Plant for 39.9 billion soums.

The Avtooyna plant manufactures over 150 types of automotive glass and has a production capacity exceeding 420,000 units per year. It employs cutting-edge technology from leading manufacturers in Switzerland, Italy, Finland, and Spain, including Bystronic Glass, Cugher, Ctriulzi, Mario Argiro, Kera Glass, Glassrobots, Pilkington, and Vetrotool.