Tashkent, Uzbekistan (UzDaily.com) — The Agency for State Asset Management of the Republic of Uzbekistan has announced the successful privatization of the government’s stake in Invest Group Centre, a company that manages the sports facilities of the “Yoshlik” complex, formerly owned by the National Bank of Uzbekistan (NBU).

The privatization was carried out in accordance with approved procedures, including the preparation of comprehensive financial, tax, legal, and environmental due diligence reports. These materials were compiled by privatization consultant Portfolio Investment and made available to pre-qualified investors invited to submit binding offers.

Following the close of the offer submission phase in late February, Kapitalbank was declared the winner, having submitted the highest bid of 297.9 billion soums (approximately US$23 million at the exchange rate of the Central Bank). The buyer is required to complete full payment within one month.

According to the Agency’s statement, the winning offer falls at the upper end of the asset's indicative valuation range provided by the independent consultant and exceeds its appraised market value. The transaction was formally approved by the State Commission on Privatization and Coordination of State Asset Privatization Processes.

Under the terms of the deal, Kapitalbank is obligated to preserve the sports complex’s operational profile for a minimum of 10 years. Furthermore, no new construction is permitted on the site, and any renovation or reconstruction work must receive prior approval from the Urban Planning Council.