Chinese company buys controlling stake in glass factory in Kazakhstan
Baku, Azerbaijan, July 2
The Kazakhstan’s ARP Company LLP sold 70 percent of the shares of the glass factory under construction to the Chinese China Triumph International Engineering Co.,Ltd. Company for $ 34 million, Kazakhstan’s Kyzylorda Regional Governor's Office announced, Kazakh media reported July 2.
"The Chinese company is working on joining the founders of the project. In this regard, ARP Company LLP and China Triumph International Engineering Co.,Ltd. have signed an agreement on the sale of a 70 percent share for $34 million," Akim Krymbek Kusherbayev said in a statement.
The transaction took place with a subsidiary of the China Triumph International Engineering Co.,Ltd.”Company.
"ARP Company” LLP sold all its shares in the project. The parties signed an agreement last year. The procedures for transfer of shares and reconciliation with other participants were completed in June 2018," the governor's office said.
At the moment, the construction work under the project is being implemented on all four launch complexes. The completion of the construction work is scheduled for December 2018. The ignition of the furnace for the smelting of the first Kazakh glass is also planned for the end of the year.
About 150 people and eight subcontractors are involved in work at the construction site. The total cost of the project is 42 billion tenge.