Government intervenes to stabilize Uzbekistan’s largest glass factory
The State Asset Management Agency (SAMA) has taken steps to regain control of the majority shares of the “Kvarts” JSC, a major glass factory in Uzbekistan, following the buyer’s failure to fulfill its payment obligations.
In February 2023, 89.78% of “Kvarts” shares were sold to “Kuvasoycement” JSC for 265 billion UZS, with a three-year installment plan. However, due to financial difficulties, the buyer requested the cancellation of the contract, leading to the agreement being annulled on February 14, 2025.
SAMA clarified that the return of shares is not a review of privatization results or nationalization but a necessary measure due to the incomplete execution of the contract. The agency has now adopted a roadmap for the financial recovery of “Kvarts” and is implementing relevant measures to stabilize the company.
“Kvarts” was once a profitable enterprise, being Central Asia’s largest manufacturer of glass products. However, after privatization in 2023, the company experienced significant losses in 2024. To alleviate its financial struggles, “Kvarts” took out loans from Asaka Bank and borrowed a substantial amount in 2025.
The buyer, “Kuvasoycement” JSC, is part of the United Cement Group (UCG), a Cyprus-registered holding with interests in several cement plants in Uzbekistan and Kyrgyzstan. Recent reports have highlighted the founder of UCG, Ulugbek Shodmonov, being arrested in the UAE and extradited to Uzbekistan.
As of April 1, 2025, the shareholder structure of “Kuvasoycement” includes Raybird Limited, Rayblock Limited, Raycross Limited, Ansher Finance LLP & Ansher Investments LLP, and individual shareholders.
SAMA is committed to overseeing the financial recovery of “Kvarts” JSC and ensuring the stability and success of the company in the future.
