Investment competition for sale of electric equipment producer's shares announced in Azerbaijan
Azerbaijan, Baku, October 27 / Trend N. Ismayilova /
The Azerbaijani State Committee on Property Affairs has announced an investment competition for sale of 99.34 percent of stokes of Baki Elektroavtomat JSC (company producing equipment for mechanical engineering), the State Committee said.
Both physical and legal entities of Azerbaijan and foreign investors can participate in the
Applicants must submit an investment program with the proposals to introduce new technologies, improving product quality and meeting international standards.
Concerned people should submit a bank guarantee for 5 percent of the investment proposal's value and proposals to deposit 600,000 manat in the state budget, as well as to write off at least 20,000 privatization checks (for foreigners and equal number of options).
Baki Elektroavtomat deals with production of equipment for internal electricity and distributing electrical control units used in the engineering industry with voltage up to 1,000 volts. The company is located in Baku's Bina settlement.
The authorized capital of JSC is 1.256 million manat. About 627,833 shares with a nominal value of two manat each were issued to this amount. The subject of the competition are 623,663 shares with total nominal value of 1,25 million manat.
As of October 1, 2009, the company has debts worth $ 778,870 manat, including debts on wages worth 73,230 manat and debts for paying for raw materials and services are 168,980 manat. Accounts receivable are 74,350 manat.
The company has been operating since 1961. The number of its employees is 60.
Applicants can familiarize with the requirements of competition, privatization plans and get more information from 10:00 to 17:30 by November 23, 2009 at the following address: Baku, st. 20, Y. Safarov. Documents and proposals are received from 10:00 to 17:30 by November 23.
The proposals will be considered by competition commission in the Azerbaijani State Committee on Property Affairs from November 25, 2009 at 11:00.
On October 27, the official exchange rate is 0.8032 manat to $1.
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