“Elektrqishloqqurilish” sold to a Russian company

A package of 58.41% shares in the authorized capital of “Elektrqishloqqurilish” JSC is being sold to a Russian company, UzAssets reported.

According to it, an agreement was reached on the sale of 58.41% of the company’s shares to the Russian “Uralskaya energeticheskaya stroitelnaya kompaniya” for 93.2 billion soums.

Grant Thornton international consulting company was involved as a privatization consultant based on the selection of the most suitable offers by UzAssets JSC. International law firm Dentons assisted with legal matters.

Applications of interest in the purchase were received from 7 applicants.

“The offer with the best commitment was submitted by “Uralskaya energeticheskaya stroitelnaya kompaniya” JSC (Russia), and its price offer is within the indicative price parameters of the company calculated by the consultant and is higher than the estimated value of the company,” UzAssets said in its official statement. 

According to Spot, “Elektrqishloqqurilish” was established in 1936 as a special trust for the purpose of electrification of agriculture. In 1998, it was transformed into a joint-stock company.

Currently, the company is considered the main contractor in Central Asia for the construction of power grid facilities with voltage from 0.4 KW to 500 KW. The enterprise performed electrical installation works for Lukoil, Hyundai Engineering, Hengyuan Group and others.

The business structure of “Elektrqishloqqurilish” includes the metal construction plant in Namangan, the reinforced concrete products plant in Kuvasoy, the department of production and technological complete sets in Tashkent, etc.

Earlier, it was reported that 89.8% of the state’s share in the authorized capital of Kvarts JSC, which has a monopoly position in the market of building windows and glass containers, was sold to an offshore company for 265 billion soums.