KHUJAND, June 24, 2008, Asia-Plus — A general meeting of shareholders of the Tajik-Korean joint venture, closed joint-stock company (CJSC) Kabool-Tajik Textiles, will be held in Khujand on July 1, Asia-Plus has learned from Alisher Qahhorov, representative of open-joint-stock company (OJSC) Abreshim (Silk), which owns 44 percent of the shares in the joint venture.
According to him, the meeting will be held in accordance with ruling handed down by the Sughd Regional Economic Court, to which the Abreshim administration appealed on May 4.
Qahhorov said that the shareholders’ general meeting is planned to hear report of the joint venture director general on financial and economic activities of the enterprise in 2007, as well as consider financial statements for 2007 and the plan for financial rehabilitation of the enterprises.
“We will also discuss the issue of assessment of the enterprise’s losses for 2007,” the Abreshim representative said, adding that shareholders also intend to hear report of the audit commission, elect new members of the board of directors, new director general and the audit commission.
It is also planned to make changes and addenda to the enterprise’s charter in connection with amendments to the law on joint-stock companies.
Qahhorov noted that representatives of Korea’s Kabool LTD, which assumes the 56% ownership interest in the enterprise, had also been invited to attend the general meeting. “However, we doubt that they will arrive to attend the meeting,” said he. “We have repeatedly sent them different proposals and a copy of ruling on calling of the general meeting of shareholders handed down by the Sughd regional economic court, but the Korean side has ignored all those proposals.” “If they do not arrive to attend the meeting, we will be forced to call the meeting again and 30 percent of shares (we own 44 percent) will be enough to hold the planned events.”
Kabool-Tajik Textiles, which have a staff of more than 1,000 people, has not been in operation since March 19, 2008. In former times, the enterprise had accounted for 24 percent of the volume of industrial goods produced in northern Tajikistan, while at present the joint venture owes more than $78 million to its creditors. According to the Khujand mayor’s office, Kabool-Tajik Textiles now owes $1.8 million to the Sughd farmers alone.
Kabool LTD manufactures man-made fiber fabrics and yarns. The company”s products include cotton, rayon, polyester, nylon, mixed fabrics, and blended fabrics. It focuses on the research and development of value-added fabrics, such as soybean and bamboo fibers. Kabool was founded in 1958 and is based in Taegu, South Korea.
