Baku, Azerbaijan, July 11
By Fakhri Vakilov- Trend:
Russian Management Company Nicol Pack LLC will increase its share in Uzbek company Angren Pack from 53 to 78 percent, having invested $75 million in its development, Trend reports with reference to a resolution of the government of Uzbekistan published on the portal Lex.uz.
State assets will be realized subject to the adoption of investment liabilities worth at least $75 million in 2019-2022.
By utilizing these funds, the investor will have to modernize the production of paper products, as well as organize the production of bituminous, roofing and waterproofing materials with a capacity of six million square meters and extruded polystyrene foam with a capacity of 300,000 cubic meters annually.
Nicol Pack bought a 53 percent stake in the company from the Czech Paper Mill Holding in June 2018. The amount of the transaction is not disclosed.
Angren Pack (former OJSC "Promkartontorg") is the largest enterprise of the paper industry in Uzbekistan. It is located in the Tashkent region.
Its manufacture capacity allows producing annually 100,000 tons of containerboard, 120 million square meters of corrugated packaging and 100,000 square meters of fiber boards for the furniture industry.
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