Azerbaijan, Baku, April 6 / Trend A. Akhundov /
The Azerbaijani State Property Committee has announced an investment contest for the sale of 99.7 per cent stake of the Bakı Dezgahqayırma ("Baku machine-tool"), the Mulkiyyet newspaper published by the committee reports on Saturday.
The contest is open to Azerbaijani physical and legal entities and foreign investors.
The applicants must submit an investment program with proposals to use new technologies, expand the range of products and create new jobs to produce the metal-cutting equipment of high quality.
Applicants must also submit a bank guarantee of five per cent of the value of the investment proposals and plans to transfer 600,000 manat to the state budget.
Each applicant must provide a letter of guarantee of any bank to the amount of 200,000 manat to ensure serious intention.
The authorised capital is 1.786 million manat as of March 1, to which 892,988 shares with a total nominal value of two manat each have been issued. The subject of the contest is 890,300 shares with a total nominal value of 1.78 million manat.
The enterprise has debts amounting to 56,340 manat. Debts for work, raw materials and services amounted to 20,180 manat, arrears of wages stand at 16,950 manat.
The enterprise has been operating since 1982. Some 40 people work there.
Applicants can review the requirements of the contest, privatisation plans and get more information between 10:00 until 17.00 till May 6, 2013 at the address: 20, Y. Safarov st., Baku. Documents and proposals are accepted from 10:00 to 17:30 till May 6, 2013.
Proposals will be reviewed by the contest commission at the building of the State Committee on May 8, 2013 from 11:00.
On April 6, the official exchange rate is 0.7846 manat to $1.