Government’s 89.8% stake in Kvarts, which has a monopoly position in the market of building windows and glass containers, was sold for 265 billion soums. The buyer is Kuvasoytsement, whose is approximately 90 percent owned by Raybird Ltd., Rayblock Ltd. and Rayeross Ltd. registered in Cyprus, the State Asset Management Agency (SAMA) reported.
Reportedly, a total of 3 bids were received, with Deloitte hired as privatization consultant and Dentons as the legal assistant.
SAMA reported that in 2018-2021, an investment project was implemented in Kvarts through the 47.2 million euro worth of bank loans. The loan funds involved in the implementation of the project are scheduled to be repaid by the end of 2026, and the buyer accepted the company's loan obligations under the terms of the purchase agreement for this package of shares.
According to the Unified State Register of Enterprises and Organizations, the current charter fund is 606 billion soums, or US$ 55 million. with Denis Nikitin indicated as the director.
