The Strategic Asset Underwriting Checklist

For committee-facing use, pair this research with South Africa Transmission and Grid Readiness Review and Contact OHUASI before turning source analysis into a decision memo.

Download the OHUASI Strategic Asset Underwriting Checklist for privatization, infrastructure, financial, natural-resource, network, corridor, and sovereign-linked assets.

The checklist is designed for investors, analysts, counsel, lenders, executives, journalists, and researchers who need to assess whether a strategic asset can absorb institutional capital under transparent and durable conditions.

What the checklist covers

The Strategic Asset Underwriting Checklist helps investors assess:

• Legal basis.
• Ownership perimeter.
• Transaction procedure.
• Settlement mechanics.
• FX convertibility.
• Licenses and rights.
• Liabilities and capex.
• Governance.
• Exit rights.
• Political risk.

It is built around the OHUASI STATE Matrix.

Read: The OHUASI STATE Matrix

Why this checklist exists

Strategic assets are often promoted through large themes: reform, infrastructure, growth, resources, connectivity, or regional integration.

Those themes matter, but they are not enough. Institutional capital needs a disciplined way to test whether the asset can be transferred, priced, governed, financed, defended, and exited.

The checklist turns that discipline into a practical review process.

Checklist preview

1. Legal basis

• What law, decree, regulation, concession, tender document, or approval authorizes the transfer?
• Is the publication date clear?
• Which authority controls implementation?
• Are amendments or exclusions relevant?

2. Ownership perimeter

• What exactly is being transferred?
• Is the stake direct or indirect?
• Is control included?
• Are assets, liabilities, contracts, licenses, and rights inside or outside the perimeter?

3. Procedure

• Is the transaction an IPO, public tender, limited tender, concession, strategic sale, or project finance structure?
• Does the procedure match the asset’s risk profile?
• Who is eligible to participate?

4. Settlement

• What currency is used?
• What approvals are conditions precedent?
• Are debt offsets, arrears, or legacy obligations involved?
• What happens if closing is delayed?

5. FX and repatriation

• Can dividends be converted?
• Can sale proceeds be repatriated?
• Are central bank or banking approvals required?
• Are there transfer restrictions?

6. Rights and licenses

• Are licenses, concessions, spectrum, routes, mining rights, land rights, or operating approvals transferable?
• Are change-of-control approvals required?
• Are rights time-limited?

7. Liabilities and capex

• Are debts, leases, pensions, environmental liabilities, tax exposures, labor obligations, and capex plans disclosed?
• Are hidden support obligations present?

8. Governance

• What board rights, voting rights, information rights, and minority protections exist?
• Are related-party transactions disclosed?
• Is dividend policy clear?

9. Exit

• Can investors exit through listing, strategic sale, refinancing, dividends, put/call rights, or concession maturity?
• Is secondary liquidity credible?
• Can rights be enforced?

10. Political risk

• Is there expropriation risk?
• Is there transfer restriction risk?
• Are state contracts enforceable?
• Is insurance or guarantee coverage available?

Who should use it

This checklist is built for:

• Institutional investors.
• Family offices.
• Private equity teams.
• Infrastructure investors.
• Lenders.
• Transaction counsel.
• Analysts.
• Journalists.
• Policy researchers.
• Corporate strategy teams.

Related OHUASI guides

• Strategic Asset Underwriting: A Definition for African Markets
• How to Read a Privatization Program Like an Institutional Underwriter
• HoldCo, OpCo and SPV: The Basic Architecture of African Asset Acquisition

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A practical two-page reference for reviewing legal basis, asset perimeter, procedure, settlement, FX, licenses, liabilities, governance, exit rights, and political risk.

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Disclosure

OHUASI publishes institutional research and strategic analysis. This checklist is for informational and educational purposes only and does not constitute investment advice, legal advice, tax advice, structuring advice, insurance advice, a securities recommendation, an offer, or a solicitation.