Tajikistan’s largest spinning mill has been reintroduced into operation in the northern Sughd province. The enterprise new production capacities reportedly allow processing 6,000 tons of cotton fiber per year and produce ten types of high-quality yearn.
After standing idle for more than one and a half years, Tajikistan’s largest spinning mill Angubin Limited Liability Company (formerly Closed Joint-Stock Company Olim Textiles) has been introduced into operation in the Mastchoh district, Sughd province.
The rehabilitated enterprise is expected to create hundreds of new jobs for local women. Currently, 420 residents of the Mastchoh district work for Angubin LLC in two shifts.
The enterprise deputy director-general, Sharif Nematov, says they intend to organize the enterprise’s operation in three shifts.
According to him, the enterprise new production capacities allow processing 6,000 tons of cotton fiber per year and produce ten types of high-quality yearn
The spinning mill is provided with the state-of-the-art equipment processing up to 25 tons of cotton fiber per day. The enterprise receives raw materials aerials from local cotton growing districts and Khatlon province.
Recall, Olim Textiles was a family-owned business. Founded twenty-five year ago, it has steadily diversified its activities from cotton trading to exporting high-quality yarns worldwide.
The head of the Olimi Karimzod Company and the owner of the Olim Textiles factory, Jamshed Abdulov, was detained by authorities in December 2017 for unpaid debts.
According to some sources, Abdulov was one of high-stakes delinquent debtors of Tajprombank, which was stripped of its banking license in early 2017. Two companies belonging to Abdulov – Cotton Textile and Olim Textiles – collectively owed Tajprombank 39 million somoni (equivalent to 4.4 million U.S. dollars). Abdulov also borrowed 4 million U.S. dollars in Tojiksodirotbonk. After paying off his liabilities in the form of solid assets, Abdulov was reportedly released on bail.
Olim Textiles was launched in March 2010. More than 125 million somoni (about US$ 14 million) were spent to construct the factory, of which 32 million were Olimi Karimzod's funds, foreign investors contributed the rest of the assets, in particular, the Eurasian Development Bank.
The Sughd tax administration reported in 2016 that Olim Textiles owed 19.4 million somoni, despite the fact that the government granted the company a number of tax benefits.
