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Kosta Legal advises Sberbank on selling Akhangarancement

Kosta Legal advises Sberbank on selling Akhangarancement
Tuesday, 15 June 2021

Kosta Legal and Bryan Cave Leighton Paisner have successfully assisted Sberbank on selling 84.2% of shares of JSC Akhangarancement, which were pledged to Sberbank, as a part of the global arrangement on settling debts of Eurocement Group.

This has been the largest deal at the National Stock Exchanges Tashkent in recent years. Kosta Legal team, led by Partner Vazgen Grigoryan, has provided comprehensive advice on Uzbek corporate and securities law matters, assisted in structuring the deal and drafting relevant transactional documents, and coordinated local investment and tax consultants.

Akhangarancement is the second largest cement producer in Uzbekistan. Its core production facilities were created back in 1961. Its current production capacity exceeds 2 million tons of cement per year. The company also owns the Construction Materials and Structures Combine in Tashkent, producing more than 40,000 m3 of reinforced concrete per year. The company is one of the country’s "large taxpayers" and "dominant business entities".

It was our great pleasure to assist Sberbank with the deal of such scale and complexity and to work alongside an exceptional team of Bryan Cave Leighton Paisner.