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RESBUD SE took over the controlling stake of JSC "Elektrqrqishloqqurilish", one of the leading contractors of power grid facilities in Central Asia

RESBUD SE took over the controlling stake of JSC "Elektrqrqishloqqurilish", one of the leading contractors of power grid facilities in Central Asia

  • RESBUD SE, a company listed on the Warsaw Stock Exchange, acquired 58,41% of shares in JSC "Elektrqrqishloqqurilish".
  • In the settlement, he transferred shares in his subsidiary - Energokomplekt OOO - to the seller.
  • JSC "Elektrqrqishloqqurilish" is a leading contractor of power grid facilities in Central Asia.
  • The transaction will enable RESBUD SE to expand into the dynamic market in Central Asia and marks the finalization of the transformation of the Group's portfolio after the outbreak of the war in Ukraine.

On September 6, 2023, the company RESBUD SE listed on the Warsaw Stock Exchange signed an agreement under which it acquired 58,41% of shares in the Uzbek company JSC "Elektrqrqishloqqurilish", operating in the electricity sector, dealing in the production, construction, installation and modernization of power lines ( PTL) and the construction of energy substations in the Republic of Uzbekistan. By taking over a controlling stake in JSC "Elektrqrqishloqqurilish", the RESBUD Group wants to use its potential, know-how and experience for further development on the dynamically developing Uzbek market.

- From the first day of Russian aggression against Ukraine, the Management Board of RESBUD SE was looking for a solution that would allow our Group to responsibly withdraw from the Russian market in a way that would protect the interests of our Polish and international shareholders. We believe that the concluded agreement is the optimal solution for our company and our shareholders. We are taking up shares in a company whose recent privatization attracted great interest. Uzbekistan is a market with very high potential and is achieving impressive economic growth rates. Recently, the state has been investing huge funds in the energy sector. These investments, supported by the European Bank for Reconstruction and Development and the World Bank, only emphasize the potential and credibility of Uzbekistan as a market where we intend to dynamically develop our business. – said Krzysztof Długosz, President of the Management Board of RESBUD SE.

 

Transaction details

RESBUD SE and its subsidiary Conpol sp. z o. o. signed an agreement with Uralska Energetyczno-Budowlana Spółka Akcyjna (“UESK AO”) for the purchase of 100% shares in two companies: Grid Solutions Sp. z o. o. and United Grid Solutions Sp. z o. o., both based in Tashkent (Uzbekistan), directly holding 95 shares of JSC "Elektrqrqishloqqurilish", representing 144% of its share capital. The acquisition of shares in Uzbek companies took place upon signing the agreement.

In order to pay the price for the purchased shares, RESBUD SE and Conpol sp. z o. o. transferred to the seller, i.e. UESK AO, their shares in Energokomplekt OOO, a company previously part of the RESBUD Group, and also agreed to make a cash payment in the maximum amount of PLN 9,99. USD .5 million, by January 2025, XNUMX.

As a result of the concluded agreement, the Russian company Energokomplekt OOO was excluded from the RESBUD Group, while RESBUD SE acquired a majority stake in JSC "Elektrqrqishloqqurilish" based in Tashkent.

 

About the company JSC "Elektrqrqishloqqurilish"

JSC "Elektrqrqishloqqurilish" is a company operating in the electricity sector, engaged in the production, construction, installation and modernization of power lines (PTL) and construction of power substations in the Republic of Uzbekistan. JSC "Elektrqrqishloqqurilish" is considered one of the leading contractors of power grid facilities in Central Asia.

The company was established in 1936 as a specialized fund dealing with the electrification of agriculture in Uzbekistan. In 1998, it was transformed into a joint-stock company. In 2021, state shares in the company were put up for sale. From among the offers submitted by seven companies, the offer of UESK AO was selected. JSC "Elektrqrqishloqqurilish" performed power-electrical works for such manufacturing companies as: Hyundai Engineering, Eriell, Hengyuan Group Co. Ltd. or Lukoil. The company's assets include the Namangan Iron Structures Plant, the Kuvasoy Concrete Products Plant, the Tashkent Technological Devices Production Plant and other assets.

 

RESBUD SE

RESBUD SE is a modern, dynamically developing European holding, operating in the construction, power and civil engineering markets as well as supplies of materials for the construction and energy sectors, listed on the Warsaw Stock Exchange since 2007. It combines a modern approach to business with 70 years of experience in the construction industry.

The companies included in his investment portfolio (Conpol Sp. z o. o. Uniwersim Sp. z o. o. and JSC "Elektrqrqishloqqurilish" Aksiyadorlik jamiyati based in Tashkent - through the companies: Grid Solutions Sp. z o. mainly involves: construction of civil engineering facilities on road and railway routes, erection of reinforced concrete structures, construction works, civil engineering, production of bitumen and concrete, production, construction, installation and modernization of power lines (PTL) and construction of power substations, as well as delivery materials and equipment for large infrastructure investments.

 

Contact for media: media@resbud.pl

IR contact: ir@resbud.pl

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