Russian company eager to purchase 79 percent of Uzbek cable producer's stock

Business Materials 6 July 2011 14:23 (UTC +04:00)

Uzbekistan , Tashkent, July 6 / corr Trend D.Azizov /

Russia 's Samarsk Cable Company intends to acquire a 79-percent control stock of Andijankabel, one of the leasing enterprises in Uzbekistan, specialized cable production.

The Russian company's intention was published in media in accordance with Uzbekistan's legislation, committing an investor to publicize such information.

Andijankabel was commissioned in Khanabad , Andijan region in 1985.

Russian company Farial purchased 51 percent of Andijankabel's shares at $1.151 million in 2001 and the plant transformed to an enterprise with foreign investments.

The Russian company controls 80.86 percent of the enterprise's shares. The rest shareholders of the company are individuals .

The enterprise outputs fibre-cable products in 734 sizes for the country's telecommunications, construction, energy, and automobile building fields on the basis of raw material of the Almalik mining and metallurgical industrial complex.

Andijankabel is an only manufacturer of cable for local computer network in Uzbekistan.

As of 2010, Andijankabel's net profit made up 8.3 billion sums compared to 3.576 billion a year earlier.

Two more fibre cable producers operate in Uzbekistan along with Andijankabel. They are Uzkabel (Tashkent), with a control package held by Adel al Hussan General Trading Co. (UAE) and Uzbek-German joint venture Deutsche Kabel AG Tashkent.

Official exchange rate was 1,716.82 sum per $1 on July 5.