Confectionery put up for investment contest in western Azerbaijan

Azerbaijan Materials 5 February 2013 09:51 (UTC +04:00)

Azerbaijan, Baku, Feb. 4 / Trend, I. Khalilova /

The Azerbaijani State Property Committee has announced an investment contest for the sale of a 30.03 per cent stake of the Gence-Qennadı (Ganja confectionery), the Mulkiyyet newspaper published by the committee reported on Saturday.

The contest is open to Azerbaijani physical and legal entities as well as foreign investors.
Those wishing to participate in the contest must submit an investment program on confectionery production and other industrial goods, and on the installation of equipment.

Applicants must also submit a bank guarantee of five per cent of the value of the investment proposals to the enterprise's account and plans to transfer 550,000 manat to the state budget.
Each applicant must provide a letter of guarantee from any bank to the amount of 185,000 manat to confirm intention.

Authorized capital is 5.288.190 manat as of Jan. 1. Around 2.644.095 shares with a total nominal value of two manat each have been issued. The subject of the contest is 793,926 shares with a total nominal value of 1.587.852 manat.

The enterprise has debts amounting to 478,209 manat. Debts for work, raw materials and services amounted to 119,258 manat, arrears of wages stand at 120,331 manat.

The company has been operating since 1973. It is engaged in cotton processing, selling and storing. Some 95 people work in the company.

Applicants can review the requirements of the contest, privatization plans and get more information between10am until 17.30pm up until March 4, 2013 at: 20, Y. Safarov st, Baku. Documents and proposals are accepted from 10:00 to 17:30 by March 4.

Proposals will be reviewed by the contest commission at the building of the State Committee on March 6 from 15:00.

On Feb.4, the official exchange rate is 0.7844 manat to $1.