Global law firm Dentons has advised Korzinka, Uzbekistan’s leading supermarket chain, on securing a US$110 million equity investment from Abu Dhabi Uzbek Investment and a consortium of Omani sovereign investment funds, led by Uzbek-Oman Investment Company. The deal represents one of the largest private investments in Uzbekistan in recent years.
Founded in 1996, Korzinka is a pioneer in Uzbekistan’s retail sector, operating 150 supermarkets as well as an expanding e-commerce platform. The investment will allow it to expand its network to more than 1000 stores and build a 49,000 sq.m. distribution center, which it plans to open in the second half of 2025. In line with its commitment to sustainability, the new stores are expected to be 20-30 percent less carbon intensive.
A cross-border Dentons team provided full scope legal advice to Korzinka on the deal. London-based partners Louis Skyner and Mark Withey led the team and advised on the subscription and shareholder arrangements. Tashkent-based partner Eldor Mannopov, senior associate Sanjar Narzullaev, and counsel Lutfulla Mannopov advised on vendor due diligence and provided Uzbek law regulatory advice. Senior Partner Valerie Ong, partner Cheow Ying, and senior associate Ian Low at Dentons Rodyk in Singapore advised on Singapore law issues related to Korzinka’s holding company. Partners Richard Barham and Nik Colbridge in London advised on the company’s arrangements with its financial adviser Morgan Stanley.
In addition to this latest deal, Dentons also advised long-term client Korzinka on the US$40 million sale of a minority share to the European Bank for Reconstruction and Development (EBRD) back in 2020.
