BAKU, Azerbaijan, October 20. An investment competition for the privatization of the Baku Shoe Factory OJSC has been announced, Trend reports citing the Ministry of Economy of Azerbaijan.
The State Property Service under the Ministry has announced an investment competition for the sale of 85 percent of the company's shares in accordance with the 'II State Program for Privatization of State Property in the Republic of Azerbaijan' and the 'Rules of Investment Competition'.
According to the information, 3.3 million shares with a total value of 6.6 million manat ($3.8 million) were put up for sale as part of an investment competition for the privatization of Baku Shoe Factory OJSC, located at the address: 471 Binagadi highway, Binagadi district, Baku city.
The bidders must submit an investment program for a total amount of at least 5 million manat ($2.9 million), indicating the direction, amount and term of investment, as well as submit proposals for creating new jobs, applying modern technologies in the production process, expanding product range in order to participate in investment competition for the privatization of an enterprise.
The winner must also ensure the transfer in the amount of at least 3.2 million manat ($1.8 million) to the state budget for the purchase of shares of the Baku Shoe Factory OJSC.
The winner of the competition must sign a contract for the sale of shares of the company within 30 days from the date of approval of the protocol on the results, and transfer money to the state budget within 30 days from the date of signing.
Along with the citizens of Azerbaijan, foreign investors can participate in the competition.
Applications and proposals will be accepted until November 17, 2022 on working days from 10:00 to 17:30 (GMT+4) at the State Property Service under the Ministry of Economy located at the following address: 50, Yusif Safarov street, Baku city.
The evaluation of bids by the commission will be held in the administrative building of the State Service on November 18, 2022 from 11:00 (GMT+4)