KHUJAND, October 28, 2010, Asia-Plus — The Khujand-based textile enterprise, Kabool-Tajik Textiles, which resumed its operation last June after being closed for more than two year, has suspended its operations again due to lack of raw materials.
Abdurahim Soliyev, the head of the Khujand energy and industries department, told Asia-Plus that the enterprise suspended operations on October 25. “Only nonproductive workshops are now in operation,” he said.
“The problem has resulted from increase in prices of cotton, which is feedstock for the enterprise that produces cotton yarn,” said Soliyev, “The enterprise top managers are currently conducting negotiations with Russian partners over new prices for their product. The cotton yarn prices will also rise following increase of the cotton prices.”
This year, the enterprise has operated only four months and produced 3 million somoni worth of product.
According to unofficial sources, electricity supplies to Kabool-Tajik Textiles have been suspended.
We will recall that Ms. Gulchehra Sanginova, the chairperson of the light industry department within the Ministry of Energy and Industries (MoEI), told Asia-Plus on July 7 that after long examinations a part of equity stake of South Korea’s Kabool LTD that assumed 56 ownership interest in the enterprise was transferred to the Tajik side and other part of Kabool LTD’s equity stake was given towards the repayment of its debt.
Founded in 1994, Kabool-Tajik-Textiles was the Tajik-Korean joint venture. South Korea’s Kabool LTD assumed the 56% ownership interest in the enterprise and Tajik open-joint-stock company (OJSC) Abreshim (Silk) owned 44 percent of the shares. In October 2008, Abreshim sold its equity stake in the enterprise to Zarin Holding Limited at 500,000 U.S. dollars.
In former times, Kabool-Tajik Textiles had accounted for 24 percent of the volume of industrial goods produced in northern Tajikistan.
