Uz-Hanwoo Acquires Auto Fortis Plant for 43.2 Billion Soums

Tashkent, Uzbekistan (UzDaily.com) — On 13 November, the privatization auction for Auto Fortis, a company specializing in the production of automotive steering wheels, concluded on the E-auksion platform, according to the official website.

The winner of the competitive bidding was Uz-Hanwoo, which offered 43.164 billion soums for the plant, 27.4% above the starting price of 33.875 billion soums.

Under the privatization terms, the new owner is required to maintain the enterprise’s core activity for at least ten years, comply with licensing agreements for technical support with the approved supplier, and adhere to the main alliance agreement regarding the use of General Motors technologies.

The asset had been repeatedly offered for sale since December of the previous year. The sale of the 100% state-owned stake in Auto Fortis is part of the privatization program approved in April 2024.

The Auto Fortis plant is located in Andijan within the automotive components production cluster. Founded in 2010, the company manufactures automotive accessories. Its authorized capital amounts to 16.42 billion soums.

As of July 1 of the previous year, the company’s fixed assets were valued at 35.7 billion soums with 34% depreciation, while current assets amounted to 20.1 billion soums. The company’s debt obligations reached 12.73 billion soums, and accounts receivable totaled 2.9 billion soums. In 2024, Auto Fortis reported a loss of 472.2 million soums.

Uz-Hanwoo, established in 2009, produces automotive soundproofing components. Its production facilities are also located in Andijan, adjacent to Auto Fortis. The company’s authorized capital is $1.3 million (15.58 billion soums).

Originally, the founders were Korean Hanwoo Global and Uzavtosanoat, but the company is now wholly owned by a foreign investor.