Swiss firm buys stake in Uzbek cardboard maker
Posted 03/21/2002 Tashkent. (Interfax)
Switzerland's Miller Trading GmbH has bought a 27.3% government stake in Promkartontorg, the biggest cardboard maker in Uzbekistan, for $1.29 million, an executive at the Uzbek company told Interfax. Under the contract between Miller Trading and Uzbekistan's State Property Committee, the Swiss company will set up a joint venture at Promkartontorg to make paper tissues and toilet paper. Miller Trading, which would have a 30% stake in the venture, plans to invest about $5 million to buy equipment, as well as organize sales and supplies of inputs. The venture, of which Promkartontorg would own the other 70%, could be set up in the second half of this year. Promkartontorg, which is located in the Tashkent region town of Angren, was incorporated in 1994. It has charter capital of 420.6 million sum. Following the sale, the government will own 25% of the company, and employees 26%.
