Azerbaijan holds competition to privatize Sumgait Construction Service company

Economy Materials 2 February 2022 10:25 (UTC +04:00)
Azerbaijan holds competition to privatize Sumgait Construction Service company

BAKU, Azerbaijan, Feb. 2

By Nazrin Israfilova - Trend:

The State Service on Property Issues under the Azerbaijani Ministry of Economy has summed up the results of an investment competition for the privatization of the Sumgait Construction Service OJSC which suspended its activity long ago, Trend reports citing the ministry.

According to the ministry, the competition was announced on December 2, 2021 in accordance with the Second State Program for the Privatization of State Property.

During the competition, investors were offered 129,799 shares, reaching 99.91 percent of the authorized capital of the joint stock company located at Kimyachilar street 55A, Sumgait city.

Evsan LLC was announced as the winner on January 12, 2022.

According to the sale and purchase agreement signed on January 26, 2022, the investor undertook to transfer 1 million manat ($588,235) to the state budget, pay off the company's debt to the budget, implement an investment program in the amount of 1.5 million manat ($882,352) and also fulfill other social and economic obligations.

According to the investment program, it is planned to build a reinforced concrete plant, arrange the production of such products as reinforced concrete pillars, various beams, facades, etc.

It is planned to create at least 30 new jobs through the implementation of the investment program during the year.

“Reconstruction and operation of the enterprise not only will create conditions for the production of construction products, but will also help meet the demand for these products,” the ministry said.