Azerbaijan Investment Company to Invest AZN 20mln in Textile Project
Azerbaijan, Baku, 13 June / Trend corr I. Khalilova/ "Azerbaijan Investment Company JSC (AIC) plans to approve at the Supervising Council in July, the investments in the joint project with MKT Istehsal Komersiya LLC," Riad Gasimov, AIC deputy chief executive, said on 13 June. AIC plans to invest AZN 20mln in manufacturing of cotton fabric, stockinet, as well as reconstruction of Sumgayit Hovlu Iplik.
"We intend to invest in the head company MKT and to purchase up to 20% of its stakes," Gasimov said.
Several directions are being considered in the project - construction of a plant, commercial real estate. In particular, construction of a textile factory in Sumgayit.
Presently, AIC is studying the business plan of the project which MKT presented this week. If additional financing is required, Caspian International Investment Company (CIIC), which was founded by the AIC and Islamic Corporation for Private Sector Development, may be involved.
MKT privatized Sumgayit stockinet factory in 2006.
On 13 June, official exchange rate totalled 0.8189 AZN/USD.
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