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Agency mulls nullifying textile mill JV pact with Turkish Co
02 May '07
1 min read
A year ago, Privatisation and Public Enterprises Supervising Agency (PPESA) signed a Br224.2 million joint venture deal with a Turkish investor, Halial Okpayculcuogh, so as to revive the state owned Akaki Textile Factory.
According to the pact, Halial, owner of Swiss Starway International, has claimed over 60 percent of new company, Akaki Starway Textile SC, created in 2005, with an investment of Br373.7 million.
However, now Agency is strongly considering backing out of this deal.
In fact, Agency is claiming that the Turkish company has not lived up to its promises and is contemplating withdrawing from the agreement.
Sources say that the Agency will propose nullifying the JV to its top managers, soon, and discuss future possibilities.
According to the pact, Halial, owner of Swiss Starway International, has claimed over 60 percent of new company, Akaki Starway Textile SC, created in 2005, with an investment of Br373.7 million.
However, now Agency is strongly considering backing out of this deal.
In fact, Agency is claiming that the Turkish company has not lived up to its promises and is contemplating withdrawing from the agreement.
Sources say that the Agency will propose nullifying the JV to its top managers, soon, and discuss future possibilities.
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