22 June 2022 1079

Announcement on collection of non-binding offers on the sale of 89,78% of shares of JSC "Кварц"

In accordance with the Presidential Decree PD-6167 of the Republic of Uzbekistan, dated 11 February 2021, “On measures to further accelerate privatization processes of state assets”, “UzAssets Investment Company” JSC under the State Assets Management Agency of the Republic of Uzbekistan (hereinafter – UzAssets or Seller) announces its intention to sell 89,78% shares in the chartered capital of JSC "Kvarts" (hereinafter referred to as Kvarts or the Company) through a competitive sale process (hereinafter – the Deal or Transaction) with foreign company Deloitte.

Brief information about the Company:

Kvarts is the largest producer of flat glass and glassware in Uzbekistan, with a domestic market share of about 50% (flat and bottled glass) and 95% of can glass. Kvarts production facilities are represented by an enterprise located in Kuvasai, Fergana region. The company also owns two non-core assets - in agriculture and horse breeding. For 2021, the Company's revenue was 423 billion soums, 37% higher than in 2020.

In June 2021, the company began production on a new sheet glass line with an additional capacity of 400 tons of glass per day. It is planned that the multiple increase in the production volume of flat glass (up to 600 tons per day) and high demand for it in Uzbekistan will increase the revenue of Kvarts by more than 1.5 times, significantly strengthening the position of the company in the market of flat glass in Uzbekistan and provide opportunities for growth of export supplies.

Organizing the sales process

The sale will be organized through competitive method by accepting bids from all interested sides. Interested sides are invited to submit an application in the form of a letter, prepared in English, Russian or Uzbek (at the discretion of the applicant) and signed by an authorized representative of the applicant (hereinafter - the Application), sent to e-mail addresses rmukhametshin@deloitte.uz , ivazhov@deloitte.kz  and l.goyibov@uz-assets.uz and no later than 18:00 (Tashkent time) on 29 July 2022.

The application should include:

  1. full juridical name and address of the applicant;
  2. the list of final beneficiaries with an indication of their relevant stakes in the applicant's authorized capital;
  3. detailed description of the applicant's business, as well as a description of its strategic interest in participating in the transaction;
  4. Audited financial statements for 2019 and 2020, and non-audited financial statements for 2021 (if available, for the first months of 2022);
  5. A certificate on the letterhead of the company confirming the absence of criminal proceedings and investigations in relation to the founders and beneficiaries, as well as the names of officials of the buyers in international lists of fake entrepreneurs and bankrupts, as well as in similar lists of the Republic of Uzbekistan;
  6. A certificate on the letterhead of the company confirming compliance with the Law of the Republic of Uzbekistan "On counteraction of legalization of proceeds of crime, financing of terrorism and financing Weapons of mass destruction proliferation".

Based on the submitted Applications, UzAssets JSC will select participants in the first round of the process, who will be asked to sign a non-disclosure agreement (hereinafter - the Non-Disclosure Agreement). After signing the Non-Disclosure Agreement, participants in the first round will receive a Process Letter, as well as access to a virtual data room with information materials about the Company, organized by Deloitte.


UzAssets reserves the right to change the sequence of the sale process or to refuse to sell to or negotiate with any potential buyer(s) at any time without explanation.

This announcement, or any part of its contents, should not be construed as a form of commitment on the part of UzAssets, the Company, and Deloitte with respect to the sale of the Company, which could be inferred from the publication of this announcement. UzAssets and Deloitte reserve the right, in their sole discretion, at any time and in any respect, without assuming joint or several liabilities.

(i) make changes to the application deadline;

(ii) follow different procedures with respect to various interested parties, and/or negotiate with one or more potential purchasers within the schedule and procedure provided jointly by UzAssets, the Company, and Deloitte to the exclusion of any other potential purchaser(s) without prior notice;

(iii) terminate the sales process for any reason; and/or

(iv) terminate any discussions and negotiations with any potential buyer(s) with respect to the Transaction at any time and without giving a reason.

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