Azerbaijani enterprise picks new shareholder

Business Materials 19 March 2010 11:29 (UTC +04:00)

Azerbaijan, Baku, March 19 / Trend I.Khalilova

The Competition Commission of the Azerbaijani State Committee on Property Issues announced the winner of an investment competition on the sale of a 30.01-percent share of Meishet Mallari, which produced plastic goods under the name RAM LTD.

Bidder status has been awarded to two applicants.

Under the terms of the competition, the investor must transfer to the state budget 150,000 manat. On investment program RAM LTD. plans to invest 275,800 manat in the venture within a year.

Investments will be directed to the installment of equipment to produce goods from composite polypropylene pellets and polyethylene plants for direct cooling. As a result, the company will produce polymer composite pellets and various industrial products, including bags and covers.

Meishet Mallari is engaged in the manufacturing and sale of plastic products, perfumes, paper products and wallpaper.

The company has been functioning since 1930. In 1990, the company built new office buildings and commissioned new production facilities to enhance the production process. As of Jan.1, the company's liabilities were 184,695 manat. The company's authorized capital was roughly 2.6 million manat, which is divided into ordinary shares with a nominal value of two manat each.