DUSHANBE, June 25, Asia-Plus - UK-based chemical producer, Enjik Chemical Co has bought Tajikistan’s open-joint-stock company (OJSC) Tajikkhimprom (Yovon Chemical Plant) for 10.05 million somonis (equivalent to more than $3 million).

International tender for privatization of Tajikkhimprom (Yovon chemical plant) was held at the State Committee for Investments and Management of State-owned Property on June 20.

Mahmadsharif Nozimov, the deputy head of the State Committee for Investments and Management of State-owned Property, told Asia-Plus that Enjik Chemical Co had successfully passed both phases of the tender and had received the tender commission’s support.  “The company purchased the plant for 10,050,000 somonis,” Nozimov said.

Nozimov further added that the plant will pass into ownership of Enjik Chemical Co only after the company fulfills the terms of the tender. 

“The company has undertaken to invest 20 million dollars in modernization of the plant before 2009 as well as pay off the plant’s debts in an amount of 25 million somonis and create new jobs,” said the committee deputy head, “Before this, the Government of Tajikistan should consider and endorse a draft resolution on the tender results before the end of this month.”  

Nozimov considers that the deal could be called successful and quite productive.  “We hope that other international tenders will also be successful,” he said.

Under the strategic plan for privatization of medium and large enterprises, as well as restructuring of entities of natural monopolies and especially large enterprises designed for 2003-2007, 37 large enterprises are subject to restructuring.  Among them are Tajikcement, TajikAir, Tajikkhimprom, Tajik Telecom, Tojikgaz, Tajik Railways, Barqi Tojik, etc. 

The government has to date endorsed individual plans for restructuring the following large state-owned enterprises: Tajikkhimprom, national air carrier TajikAir; OJSC Tajik Telecom (Tajik national telecommunications operator); joint-stock company (JSC) Tajikteleradiocom and Tojikcement (Dushanbe cement plant).  

According to the State Committee for Statistics, OJSC Tajikkhimprom is the only enterprises in Tajikistan and one of three within the CIS area, producing different types of chemical goods such as caustic soda, liquid chlorine, chloride of lime, calcium hypochloride and other chemical goods.  The company was established in 1999 on the basis of the Yovon chemical plant and was registered with authorized capital of 15.3 million somonis.   

We will recall that a valuation commission has set the initial price of the package of 15,300,120 shares of Tajikkhimprom at 10 million somonis (equivalent to $2.9 million).