Tajik state-run cocoon-breeding enterprise, Open Joint-Stock Company (OJSC) Pillai Tojik, has been passed into private hands. The company has been sold through international tender.
Pillai Tojik has been sold to private company, “Ganj” Production Association, for nearly 5 million somoni (equivalent to some 530,000 U.S. dollars).
“Ganj” should transfer this amount to the State Committee on Investment and State-owned Property Management (GosKomInvest) within two months after the conclusion of the contract of sale.
“Ganj” should also repay Pillai Tojik’s debts amounting to more than 15.7 million somoni within a year from the date of concluding the contract.
Besides, “Ganj” must invest 35 million somoni (equivalent to 3.7 million U.S. dollars) in Pillai Tojik during three years.
Moreover, the new owner of Pillai Tojik should increase the company’s total income to 30 million somoni during three years and create 510 new jobs.
The initial price of more than 42,400 shares of Pillai Tojik was 4.911 million somoni.
OJSC Pillai Tojik
OJSC Pillai Tojik was established in December 2013 on the basis of the State Unitary Enterprise (SUE) Pillai of the Ministry of Industry and New Technologies with an authorized capital amounting to 4,254,000 somoni. The enterprise’s authorized capital includes 42,540 shares. The face value of one share is 100 somoni.
Founded by GosKomInvest, the enterprise has 39 affiliates operating in several cities and districts across the country.
Assets of Pillai Tojik LTD are estimated at 8,636,176 somoni, while its total payables amount to 15,748,760 somoni.
The company’s wage debts reportedly amount to 482,663 somoni and its tax debts amount to 5,993,800 somoni. Besides, Pillai Tojik now owes 373,285 somoni to the Ministry of Finance, 8,500 somoni to the National Bank of Tajikistan (NBT), 2,596,529 somoni to suppliers and contractors, and 6,293,983 somoni to other economic entities.
“Ganj” Production Association
“Ganj” Production Association, which is Tajikistan’s largest oil mill, was introduced into operation in Kushoniyon district of Khatlon province.
More than 8.5 million somoni have reportedly been used for construction of this enterprise with capacity of processing 35,000 tons of sunflower, flax, rape and grain seeds and producing 10 tons of vegetable oil 21 tons of oilcake per year.
