Tashkent, Uzbekistan (UzDaily.com) -- United Cement Group is privatizing Qizilqumcement JSC. This was reported by the investment company UzAssets under the State Assets Management Agency of the Republic of Uzbekistan.

UzAssets reached an agreement on the sale of a state share in the amount of 86.92% in the authorized capital of Qizilqumcement JSC to the United Cement Group through its holding company United Cement Group plc for 1.89 trillion soums.

Deloitte, a consulting company, acted as financial advisor to the seller on the transaction and also supported the preparation of the purchase and sale agreement.

The appraisal of the state block of shares of the company was carried out by the international appraisal organization Grant Thornton. Additional legal support to the Seller was provided by the international law firm Dentons.

Based on the results of studying the proposals received, as well as taking into account the recommendations of the financial consultant UzAssets selected an offer that meets all the established criteria, with price parameters exceeding the results of an independent assessment, as well as social obligations on the part of the Buyer.

The cost of the transaction significantly exceeds the level of recent similar transactions in the industry, UzAssets notes.

United Cement Group undertook obligations to maintain the number of personnel and the level of wages, obligations to train personnel, preserve dispensaries, implement the approved program of environmental modernization and greening of territories, support social projects in Navoi region, as well as regular assistance in organizing sports events and developing sports in the Republic. Uzbekistan.

United Cement Group has been operating in the cement market for over 20 years, specializing in the production of general and special grades of cement and other high quality building materials. The group is the largest cement holding in the Central Asia region, and includes cement plants: JSC Kuvasaycement, JSC Bekabadcement, JSC Kant cement plant and a number of other large assets in Uzbekistan, Kazakhstan, Kyrgyzstan and Russia.

Considering Uzbekistan as one of the key markets, the Group is currently implementing a large-scale program for the development and modernization of its production assets in the region.