No bids for Uzbek subsidiary of Spentex Industries

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.

For the full story, see the August 2013 edition of Textiles Eastern Europe. Not a subscriber? Subscribe HERE