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Uzbekistan to sell shares of glass factory in June 2019

Business Materials 5 April 2019 16:59 (UTC +04:00)

Baku, Azerbaijan, April 5

By Fakhri Vakilov – Trend:

Uzbekistan glass factory Quartz JSC intends to sell 5 percent of the company's shares, Trend reports via Kursiv.kz.

After the initial public offering (IPO) of Quartz JSC, transactions with the company's shares in the total amount exceed 30-40 percent.

“If at the time of entering the stock exchange, shares of this issuer were traded at a price of 3,500 soums, now they have grown to 6,900 soums,” Head of the Stock Exchange “Toshkent” Bekzod Usmonov said.

On April 4, 2018, Quartz JSC held its first IPO. At that time, the company attracted 7.5 billion soums by placing 2.4 million securities. Uzbek state approved a plan to gradually sell 20 percent of the shares. In June 2019, another 5 percent of the company's shares will be sold by means of a secondary public offering (SPO).

Chairman of the Board of Quartz JSC Akmal Pulatov stated that the company's market capitalization in relation to the stock quote was 270 billion soums in 2018, and this year it is planned to increase this mark to 361.7 billion soums. Net revenue of the enterprise in 2018 amounted to 299.1 billion soums, by 2023 it is planned to increase this figure by more than 2 times.

The net profit of the company in 2018 was 82 billion soums compared to 88.2 billion soums in 2017. The company holds 95 percent of the local market for glass jars, 60 percent of the market for sheet glass, and 50 percent of the market for glass bottles.

Now the company is building a new glass plant for the production of float glass worth $70.2 million, and this work goes without stopping production at the main plant. The plant will be commissioned in March-April 2020, which will double the volume of production from the current 10.1 million square meters of glass products to 20.2 million square meters. In addition, the company has plans to issue short-term bonds.

Quartz JSC, established in 1975, is one of the leading enterprises in Central Asia. The main activity of Quartz JSC is the production of glass jars, bottles, sheet glass, polished and colored glass for the automotive industry, as well as the manufacture of tempered glass. The glass factory was incorporated in 1995, and since 1996, production of sheet glass began. The company's products are exported to the markets of neighboring Kazakhstan, Turkmenistan, Kyrgyzstan and Tajikistan.

The largest shareholders of Quartz JSC are the state represented by the Center for State Assets Management with a share of 71.15 percent and Uzstroymaterialy JSC with a share of 23.63 percent.

Follow author on Twitter:@vakilovfaxri

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