DUSHANBE, June 1, — Open joint-stock company (OJSC) Tajikkhimprom (Yovon chemical plant) will be put for auction on June 20, according to the State Committee for Investments and Management of State-owned Property.
The source at the committee said the plant’s debts currently exceed its assets nearly ten times, and a valuation commission has set the initial price of the package of 15,300,120 shares at 10 million somonis (equivalent to $2.9 million).
The source added that both Tajik and foreign physical and legal entities have the right to participate in the auction for Tajikkhimprom.
“Preference will be given for those participants who are ready to provide not less than $20 million before 2009 for modernization of equipment, introduction of new technologies, broadening of items of manufactured output and repairing of the facility’s building,” said the source, “$6 million should be provided already this year.”
According to the State Committee for Investments and Management of State-owned Property, purchaser is not considered legal owner of the enterprise until he fulfills all obligations on the approved business-plan and repays the facility’s debts. The obligations, in particular, include increase of a volume of production of output by more than $15 million till 2009, with not less than a $2 million increase to be provided in 2007. The facility’s debts now amount to 28.559 somonis (equivalent to $8.2075), the source said.
Besides, the enterprise should meet, first of all, requirements of the domestic market and the new owner should also take environmental impact into consideration.
The government has to date endorsed individual plans for restructuring the following large state-owned enterprises: national air carrier TajikAir; OJSC Tajik Telecom (Tajik national telecommunications operator); joint-stock company (JSC) Tajikteleradiocom and Tojikcement (Dushanbe cement plant).
