KHUJAND, September 3, 2008, Asia-Plus — The Khujand-based open joint-stock company (OJSC) Abreshim (Silk), owner of 44 percent of he Tajik-Korean joint venture Kabool-Tajik Textiles, is going to sell out it interest to foreign company for $500,000, the Abreshim director general Nasim Karimov said in an interview with Asia-Plus.
He did not disclose the name of the company to which Abreshim will sell out its interest, noting that the interest will be sold out in the coming week.
According to him, a general meeting of shareholders of the joint venture was held on August 22 and shareholders were informed of the present state of the enterprise. “Shareholders agreed to sell out the 44% stake in Kabool-Tajik Textiles, which amounts to $500,000,” the director general said, adding that an agreement is supposed to be signed in the first half of September.
We will recall that the regional economic court of the Sughd province has considered the case pitting Eskhata Bank against closed-joint-stock company (CJSC) Kabool-Tajik Textiles. Eskhata Bank has demanded that Kabool-Tajik Textiles should repay the debt of 1.6 million somonis (equivalent to $474 million) for pledged property in a form of 21 apartments in one of multistory residential buildings in Khujand. The court sustained the case and ruled on August 28 that Kabool-Tajik Textiles repays its debt to Eskhata Bank by selling the apartments in accordance with the established procedure.
According to the economic court, a number of farming units in the province and the cellular operator Somoncom have also sued Kabool-Tajik Textiles for debts.
As it had been reported earlier, Kabool-Tajik Textiles, which is the Tajik-Korean joint venture, is currently going through hard time. Tajik open-joint-stock company (OJSC) Abreshim (Silk) owns 44 percent of the shares and Korea’s Kabool LTD assumes the 56% ownership interest in the enterprise
The enterprise with a staff of more than 1,000 people, has not been in operation since March 19, 2008. By order of its director general Kim Dang Kabool-Tajik Textiles stopped operations on March 20. The decision was motivated by shortage of raw materials and lack of internal assets. The same day, all Korean representatives left the country without notifying their Tajik partners.
According to the Khujand mayor’s office, Kabool-Tajik Textiles now owes $1.8 million to the Sughd farmers alone.
