“Kvarts” plans to enter foreign stock markets

The “Kvarts” plant plans to place shares on foreign stock markets. The chairman of the board of the company Akmal Pulatov informed about it during the “Emitter Day” event in Tashkent.

“First of all, we want to enter the Asian stock markets. There is no exact time yet. In order for us to comply with international standards, some amendments to the legislation must be made. For example, there should be independent members in the supervisory board of a joint stock company,” he said.

“Kvarts” was the first company in the history of Uzbekistan to undergo an initial public offering (IPO). Following the auction, the company sold 4.5 million shares worth more than 7.5 billion soums.

“Usually, companies take a loan from a bank if they need money to expand production or other projects. We went the other way and put up shares for sale. Our name, reputation and financial indicators allowed us to attract 7.5 billion additional funds. Now our task is to work stably on the stock exchange. We must convince shareholders that they will be able to receive income from dividends. Then the prices for shares will not fall, confidence in us will grow, which means we will be able to use the money of shareholders for implementing large projects,” Akmal Pulatov noted.

He also added that raising funds through the placement of shares is the right and modern way, which the “Kvarts” plant will continue to follow.

Earlier, it was reported that in June, the plant would put up shares worth 4 billion soums through SPO.

For information, JSC “Kvarts” is one of the leading enterprises for producing building glass, founded in 1975. Products of the plant are sold on the domestic market, as well as exported to Kazakhstan, Kyrgyzstan, Turkmenistan and Tajikistan. The company occupies 95% of the market of glass jars, 60% – flat glass, 50% – glass bottles. Net income in 2018 amounted to 82 billion soums.