An auction for the assets Spentex Tashkent Toytepa, a wholly-owned subsidiary of India’s Spentex Industries and one of the largest textile companies in Central Asia, was cancelled recently owing to a lack of interest, it is reported.
The initial starting price of the company’s property was UZS142.9bn (US$68.3m). The sale will be reviewed by creditors, who may lower the starting price of the assets if a subsequent auction fails. However, potential investors are said to be concerned with the amount of new bankruptcies in the Uzbek textile industry.
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