“Ferganaazot” joint stock company will be sold to the Singapore company Indorama for $140 million, the State Asset Management Agency reported.

It was noted that an agreement was reached on the sale of 99.02% of state shares in the authorized capital of “Ferganaazot” JSC to Indorama Corporation Pte. Ltd (Singapore).

The international consulting company Deloitte was involved in the privatization process as a leading consultant, the International Finance Corporation (IFC) was a strategic consultant, and the international consulting company KPMG was involved as an independent evaluator.

According to the State Asset Management Agency, 10 applicants applied for the purchase of the enterprise. The best offer is provided by Indorama.

“According to the offer, the purchase price is about $140 million ($130 million and 107 billion soums), and the investor is obliged to invest $100 million for the modernization of the enterprise,” the report reads.

On January 16, at the Business Forum organized on the eve of the state visit of the President of Uzbekistan to Singapore, an agreement was signed on the main terms of the sale contract for the package of 99.02% state shares in the authorized capital of “Ferganaazot: JSC.

For reference, Indorama Corporation is an international industrial conglomerate with more than 160 production sites in 38 countries. It is one of the world’s leading companies in the production of mineral fertilizers, polymers, industrial chemicals, fibers, textile products, agricultural and medical gloves, and has more than 45,000 employees. The company has been actively investing in Uzbekistan since 2010, developing projects in the fields of textile, agriculture and fertilizer production, and more than 3,000 local workers are working in these projects.