Centrum Aviation Acquires Uz-Koram Co in $24 Million Deal
The State Assets Management Agency (SAMA) has successfully completed the privatization of Uz-Koram Co, a company specializing in manufacturing automotive body parts, by selling 100% of its charter capital to UAE-based Centrum Aviation FZCO for $24 million. Centrum Aviation operates in Uzbekistan under the Centrum Air brand.
The privatization process, managed by consulting firm Portfolio Investment, attracted interest from five local and international investors from Europe, Southeast Asia, and the CIS region. Ultimately, four bidders moved to the next stage of submitting binding offers, with one applicant being disqualified for not meeting the necessary criteria.
In the end, two bidders submitted binding proposals, with Centrum Aviation emerging as the winner with the highest offer, exceeding the estimated valuation of the enterprise. Centrum Aviation has committed to preserving Uz-Koram’s core business operations for a minimum of ten years, as well as complying with licensing agreements and restrictions outlined in the General Motors Main Alliance Agreement on the use of proprietary technologies.
The privatization results have been endorsed by the State Commission for Privatization and Coordination of State Asset Privatization Processes.
Uz-Koram Co was founded in 1998 in collaboration with South Korean investors and specializes in producing front and rear bumpers and panels for automobiles. The company, part of the UzAutoSanoat structure, manufactures over 250,000 parts annually and was included in the government’s privatization program in April 2024.
Centrum Aviation FZCO, a subsidiary of Centrum Holding group, is involved in air cargo transportation, aviation trade brokerage, and aircraft leasing. Operating in Uzbekistan as Centrum Air, the company provides aviation services in the region.
