Privatized two years ago, Kvarts JSC returns to state control

Holding a monopolistic position in the construction glass and glass container market, Kvarts JSC is once again under state ownership.

According to KorpInfo’s Telegram channel, citing a March 19, 2025, extraordinary general meeting protocol published on Openinfo.uz, the State Asset Management Agency now owns 89.78% of Kvarts JSC shares.

Previously, in February 2023, this 89.78% state share was sold to Kuvasoycement JSC for 265 billion UZS. Under the agreement, the buyer was expected to repay €47.2 million in loans that Kvarts had taken between 2018 and 2021, with full repayment due by the end of 2026.

Financially, the company ended 2024 with a net loss of 142 billion UZS and 2023 with a 21.7 billion UZS loss. However, before privatization, Kvarts was profitable, recording 54.7 billion UZS in net profit in 2021 and 64.3 billion UZS in 2022.

In addition to past debts, Kvarts JSC secured new loans, borrowing $8 million from Asakabank in 2023 and 60 billion UZS in 2025.

So far, the State Asset Management Agency has not commented on the reasons for returning Kvarts JSC to state control.

Background on Kuvasoycement

The privatized buyer, Kuvasoycement JSC, is owned by United Cement Group (UCG), a Cyprus-registered company. UCG was founded by Ulugbek Shodmonov, who was reportedly arrested in the UAE in December 2024 and extradited to Uzbekistan.