Baku, Azerbaijan, July 29
By Fakhri Vakilov- Trend:
A subsidiary of Singaporean Indorama Corporation, Indorama Holdings (registered in the Netherlands), became the new owner of the Uzbek company Kokand Superphosphate Plant after acquiring 95.54 percent of its shares, Trend reports with reference to a single corporate portal information of Uzbekistan.
Out of the purchased shares, 70.54 percent belonged previously to the State Assets Management Agency and 25 percent to Uzkimyosanoat JSC (an integrated corporate structure uniting chemical enterprises of Uzbekistan).
The expansion of production capacity of the Kokand Superphosphate Plant is taken into account in the list of 546 investment projects that are planned to be implemented in the Fergana region in the coming years.
The plant expansion program has been initiated by Indorama Holdings, which is investing $70 million in the project. The plant is scheduled to be commissioned in the autumn of 2021.
Indorama Holdings has been operating in Uzbekistan since 2010. From a cabinet decree in August last year, it became known that the company will invest $ 335 million in creating a cotton cluster that will cover the territories of four regions (Kashkadarya, Syrdarya, Fergana and Jizzakh). The implementation of this project is scheduled to be completed by 2023.
Kokand Superphosphate Plant is one of the oldest plants in Uzbekistan established in 1935. It produces mineral fertilizers (ammoniated superphosphate in dried and granulated form) from phosphates from the Tashkur deposit of the Kyzylkum phosphate complex.
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