KHUJAND, October 23, 2008, Asia-Plus — The Khujand-based Tajik open join-stock company (OJSK) Abreshim (Silk) has told its equity stake in Kabool-Tajik Textiles, Tajik-Korean textile joint venture, to Zarin Holding Limited, a company based in the United Kingdom, at 500,000 US dollars, Asia-Plus has learned from the source at Abreshim.
The source noted that Zarin Holding Limited intended to re-launch the enterprise in the future. At present, they are solving the enterprise board composition issues.
As it had been reported earlier, Kabool-Tajik Textiles, which has a staff of more than 1,000 people, has not been in operation since March 19, 2008.
Kabool-Tajik Textiles is the Tajik-Korean joint venture. Tajik open-joint-stock company (OJSC) Abreshim (Silk) owned 44 percent of the shares and South Korea’s Kabool LTD assumes the 56% ownership interest in the enterprise.
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.
In former times, Kabool-Tajik Textiles 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.
