Tashkent, Uzbekistan (UzDaily.com) — The Agency for State Asset Management of the Republic of Uzbekistan has officially announced the launch of an open international tender for the privatization of a 99.35% state-owned stake in the charter capital of Uzagrosugurta JSC, one of the country’s largest insurance companies.

This privatization initiative is being carried out as part of the national privatization program and is structured as a competitive process open to both domestic and foreign investors.

To ensure transparency and efficiency at the international level, the process involves leading global firms. Deloitte has been appointed as the financial advisor, tasked with conducting comprehensive vendor due diligence, including legal, tax, and financial reviews. Independent asset valuation is being carried out by PwC.

Uzagrosugurta JSC provides over 100 types of insurance services across all 17 insurance classes to both corporate and individual clients, operating through a nationwide network of nearly 1,000 insurance agents. In 2024, the company collected 418.2 billion Uzbek soums in insurance premiums. It holds a “Ba3” credit rating from Moody’s Investors Service, reflecting its stable financial standing.

The privatization process will proceed in two main stages:

First, expressions of interest (EOI) must be submitted by 11:59 p.m. (Tashkent time) on August 22, 2025, in Uzbek, Russian, or English.

Second, shortlisted participants will be invited to submit binding offers. Prior to this, they must sign a non-disclosure agreement (NDA), after which they will be granted access to a virtual data room (VDR), receive Deloitte’s due diligence reports, and have the opportunity to conduct site visits and familiarize themselves with the company’s operations.

Before submitting binding offers, participants will be provided with a draft term sheet outlining the key conditions of the transaction. Additionally, a guarantee deposit of at least 1% of the proposed purchase price will be required.

The Agency emphasizes that the privatization process is being conducted in an open, competitive, and transparent manner.