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Kobul Building Systems Industries delays its investments in Sary-Tas JSC (Kazakhstan)

Kobul Building Systems Industries bound itself to invest USD185m in setting up a new plant on soda ash production with the capacity of 400,000 tonnes per year, has recently reported Kazaninform. The investment of  USD20m was to be made in August this year, but  has been  put off, this time till October.
Sary-Tas JSC, is a phosphate manufacturer, located in Zhambyl Region, Kazakhstan, with a 50.7% share owned  by Kobul Building Systems Industries. The takeover contract was signed on 7,June,2006  between Kobul  and Kazakh  Regional Property Department, thus, obliging Kobul to invest USD185m in Sary-Tas JSC reconstruction. Kobul  also has to pay Sary-Tas debts on  workers' salaries, bank credits  and  debts to state budget. The reconstruction is aimed at shifting Sary-Tas' production  from  phosphorites anglomerates to ash soda. Kobul has already paid the debts on  workers' salaries and a part of company's debts on utility services, but  delayed the terms of the general investment several times.


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