Azerbaijan, Baku, June 22 / Trend U. Ismayilova /
Ltd. "EMBAWOOD" (a large furniture producer in Azerbaijan) became the owner of 30 percent of "Masallı-Konserv" OJSC's shares (processing of fruits and vegetables, soft drinks and canned poducts), the Azerbaijani State Committee on Property said.
The competition for investment proposals was held June 16-18.
Under the terms of the contest, the winner should pay 70,000 manat in the state budget, and invest 500,000 manat in the venture within a year, the statement said.
The investments will be spent on the purchase and installation of various equipment, as well as the reconstruction of internal and adjacent roads and other activities. As a result the company will produce furniture. As a result of the measures envisaged under the terms of the competition, about 55-60 new jobs will be created.
Besides this work, the company plans to plant 2,000 different fruit trees on the territory within the program of environmental protection.
Embawood started its activity in 1996.
It continues to gain a leading position in the furniture sector of the Southern Caucasus thanks to large investments and a successful sales strategy. Products that meet international standards, are in great demand of consumers in Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Turkmenistan, Iran and Russia. In August 2004 the company was certified İSO-9001: 2000 - by the international standard for quality management system.