Swiss company Rovitex has raised its stake in the Uzglaszaiden fibreglass joint venture from 20% to 50%. Rovitex acquired the additional 30% share in the joint venture from Germany“s Preiss-Daimler C…
Swiss company Rovitex has raised its stake in the Uzglaszaiden fibreglass joint venture from 20% to 50%. Rovitex acquired the additional 30% share in the joint venture from Germany“s Preiss-Daimler Consulting. Uzglaszaiden was founded last year with charter capital of DM 5.9 million to build a fibreglass plant at Oniks. The DM 85.6 million plant will have the capacity to produce 9,400 tonnes of fibreglass a year. Uzglaszaiden signed a contract with Germany“s PAB Bautzen in 2000 to supply and install DM 68.3 million in equipment to produce fibreglass. Uzbekistan“s Uzpromstroibank will finance 85% of the contract with a loan it hopes to receive from a foreign bank and with the rest financed by the foreign partner in the joint venture. Equipment delivery is expected to begin in the middle of this year and production will begin in mid-2002. Uzglaszaiden will be full-supplier to Khobas-TAPO, a joint venture that produces centrifuging pipe and which currently imports its fibreglass.