UET Invest purchases full stake in Avtooyna plant, pledges long-term commitment

UET Invest has reached an agreement to purchase 100% of the Avtooyna auto glass plant for 200.5 billion UZS (approximately $15.5 million at the Central Bank’s exchange rate), according to the State Assets Management Agency (UzSAMA). The company is affiliated with UET Construction, which previously acquired a metal alloy plant in Chirchik.

The privatization process was facilitated by advisors from Portfolio Investments, who received expressions of interest from eight local and international investors. Four of them submitted binding offers within the specified deadline, and UET Invest was selected as the winning bidder.

According to the agreement, UET Invest must pay 35% of the purchase price within one month of signing the contract. The company is also obligated to maintain the plant’s production profile for at least ten years. Additionally, the buyer must comply with licensing agreements for technical support from a supplier approved by General Motors, and with the requirements of the Master Alliance agreement governing the use of GM-related technologies.

The offered amount falls within the upper range of the indicative price band determined by the consultants and exceeded the asset’s appraised value. The State Privatization Commission has approved the results of the tender.

About the buyer

Founded in January 2024, UET Invest operates in fund and trust management. The company has an authorized capital of 52.05 million UZS and is 77% owned by Khurdiyor Artykbayev, with the remaining 23% held by UET Construction. The registered CEO is Hayot Fayziyev.

According to UzSAMA, UET Construction specializes in the design and construction of energy facilities, industrial and transportation infrastructure, airports, bridges, and roads. In September 2024, the company acquired the property complex of the Chirchik Metal Alloys Plant for 39.9 billion UZS.

About the asset

Avtooyna manufactures over 150 types and sizes of automotive glass, with an annual production capacity exceeding 420,000 units. The plant employs technologies from globally renowned manufacturers, including Bystronic Glass (Switzerland), Cugher, Ctriulzi, Mario Argiro, Kera Glass (Italy), Glassrobots, Pilkington (Finland), and Vetrotool (Spain).

The privatization of Avtooyna and Uz-Koram began in July 2024. Initially, expressions of interest were accepted until August 27, but the deadline was extended to early September following requests from potential investors.

By that time, four applicants had been cleared to submit binding bids, but only two submitted documents on time. Their proposed prices were below the indicative value of the asset, prompting UzSAMA to reinitiate the first stage of Avtooyna’s privatization.