Tashkent, Uzbekistan (UzDaily.com) — The controlling stake in Uzbekistan’s largest glass manufacturer, Kvarts, has returned to state ownership, according to the minutes of an extraordinary general meeting of shareholders held on 19 March 2025.

As per the document, the State Assets Management Agency (AUGA) now holds an 89.78% stake in the enterprise. Previously, in February 2023, this share was sold to Kuvasaycement for 265 billion soums, with the buyer also assuming responsibility for repaying the plant’s €47.2 million debt.

However, the protocol indicates that Kuvasaycement has been removed from Kvarts updated list of affiliated entities, effectively losing control over the company.

During the shareholder meeting, a decision was made to terminate the current supervisory board’s mandate and appoint a new board consisting of AUGA representatives and a deputy head of Uzpromstroymaterialy.

As of now, there has been no official clarification regarding the reasons for the return of "Kvarts" to state ownership. One possible factor may have been Kuvasaycement’s failure to meet its privatization obligations.