Tashkent, Uzbekistan (UzDaily.com) — The Agency for State Asset Management (ASAM) has commented on the return of JSC "Kvarts" to state ownership following the termination of the deal with JSC "Kuvasaycement."

Earlier, as part of privatization programs, 89.78% of shares in JSC "Kvarts" were sold to JSC " Kuvasaycement" for 265 billion soums. The sales agreement was signed in February 2023 and provided for staggered payments over three years.

ASAM emphasized that the payment process was closely monitored. Due to difficulties in meeting obligations, JSC " Kuvasaycement" was repeatedly warned about the need to adhere to the payment schedule. Ultimately, the company’s management approached ASAM with a proposal to terminate the agreement by mutual consent.

The agency highlighted that based on this agreement, the deal was annulled on 14 February 2025. Following this, representatives from the State Asset Management Agency were included in the Supervisory Board of JSC "Kvarts."

ASAM stressed that the return of 89.78% of shares to state ownership was solely in the context of contractual and legal relations due to the failure to meet the terms of the deal. This does not represent a review of privatization results nor the nationalization of the company.

Currently, a "road map" for the financial rehabilitation of JSC "Kvarts" has been approved, and work is underway to stabilize its operations.