Azerbaijan announces contest for sale of shares of enterprise for production of metal-cutting lathes

Business Materials 22 May 2010 12:01 (UTC +04:00)

Azerbaijan, Baku, May 22 / Trend, N.Ismayilova /

Azerbaijani State Committee on Property has announced an investment contest for sale of shares of JSC Baki Dezgahqayirma, producing metal-cutting lathes, the State Committee said.

A 99.7 -percent-stake of the company is on sale

The contest is open to Azerbaijan's physical and legal entities and foreign investors.

Applicants must submit an investment program that includes suggestions for the introduction of new technologies, increase range of products, opening new job places, social welfare of workers, as well as present a bank guarantee for five percent of the cost of the investment proposal, proposals for the transfer of 600,000 manat to the state budget.

JSC Baki Dezgahqayirma is engaged in the production of metal-cutting lathes and technological equipment. The company is located in the Bilajari village in the Binagadi district of Baku on Str. Y. Huseynov, 114.

The authorized capital of JSC is 1.79 million manat. Some 892,988 shares with nominal value of 2 manat were issued in this amount.

As of April 1, the company has debts amounting to 101,300 manat, with debts for raw materials, work and services amounted to 58,100, debts on payment of wages - 20,800 manat. The company's accounts receivable amount to 97,660 manat. The plant was commissioned in 1982.

Applicants can review the requirements of competition, privatization plans and get more information from 10:00 to 17:30 until June 22, 2010 at the address: Baku, st. Y. Safarov, 20. Documents and proposals are accepted from 10:00 to 17:30 until June 22.

Proposals will be reviewed by the contest commission in the building of the State Committee June 24, 2010 from 11:00.

May 22, the official exchange rate is 0.8035 manat to $1.