Investment competition on sale of Azerbaijani cotton company’s stock announced
Azerbaijan, Baku, Dec. 20 / Trend corr N. Ismayilova / The Azerbaijani state committee on state property announced an investment competition to sell 30.03% of stocks of Saatli-Pambig, stock company, the committee said on Dec. 20.
The competition is open to physical and juridical persons of Azerbaijan and foreign investors.
Pretenders should submit an investment program including bids to improve cotton conversion and enhancing its sales volume.
Attendees of the competition should deliver a bank guarantee with 5% of investment value of proposals and convey AZN 283 to the public budget.
Saatli-Pambig company deals with harvesting, conversion and sale of cotton. It possesses 42.74 hectares of field which is located in Sarijalar village of Saatli region.
The authorized capital of the company makes up AZN 3.47mln. Thus, 1,733,164mln of stocks were issued with the nominal value of AZN 2 per one. The item of the competition is 520,477 stocks with the total nominal value of AZN 1.04mln.
According to Nov. 1, 2008, the company has arrears in the amount of AZN 4.3mln, as well as arrears on wages of AZN 368,000. Accounts receivable arrears of the enterprise comprises AZN 2.74mln and arrears on payment of stuff and services reach AZN 4.27mln.
The company functions since 1997. It employs 73 persons.
Pretenders can get familiarization with the requirements of the competition, privatization plan and get additional information at Baku, U. Safarova street, 20 from 10:00 a.m. to 5:30 p.m. by Feb. 3, 2009.
The competition commission will view the proposals in the building of the committee on state property since 10:30 a.m., Feb. 5, 2009.
The official currency rate of USD is AZN 0.8013 in Dec.20.
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