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AIC acquires stake in Azertokhum

Business Materials 22 June 2010 14:41
The Azerbaijan Investment Company (AIC) has acquired a 15-percent stake in Azertokhum, and the share will increase to 20 percent by 2011, AIC Executive Director Afgan Isayev said.
AIC acquires stake in Azertokhum

Azerbaijan, Baku, June 21 / Trend N.Ismayilova /

The Azerbaijan Investment Company (AIC) has acquired a 15-percent stake in Azertokhum, and the share will increase to 20 percent by 2011, AIC Executive Director Afgan Isayev said.

"This is a significant project in terms of agricultural sector development. The project is financed by three structures, including the AIC, Azertokhum and a Turkish company," Isayev said.

He added that the total project cost is 22.4 million manat. AIC's share is 4 million manat. Today only 2.8 million manat have been invested. The remaining sum will be invested by May 2011.

Azertokhum is a new factory with modern equipment, Isayev said.

AIC was created by presidential decree March 30 2006. The Azerbaijani Economic Development Ministry is the company's only founder. Its authorized capital is 160 million manat.

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