Azerbaijan announces investment competition

Business Materials 3 July 2010 16:41 (UTC +04:00)

Azerbaijan, Baku, July 3 / Trend N. Ismayilova /

The Azerbaijani State Committee on Property has announced an investment competition for sale of 98.94 percent stake of manufacturer of technical rubber Mingachevir Texniki Rezin, the Committee said.

The competition is open to physical and legal entities of Azerbaijan and foreign investors.

Those wishing to participate in the competition must submit an investment program that includes proposals to introduce new technologies to produce high-quality technical rubber, increase range of products, open new jobs and the welfare of employees, as well as give a bank guarantee for five percent of the value of the investment proposal. Applicants must submit proposals for the transfer of 150,000 manat to the state budget.

Mingachevir Texniki Rezin produces and sells technical rubber. The company is located in the city Mingechevir.

The authorized capital of JSC is 972.214 manat. The subject of competition is 480,957 shares with total nominal value of 961.914 manat.

As of June 1, the company has debts amounting to 961.497 manat. Debts for raw materials, work and services amounted to 440.112 manat, arrears of wages - 56.324 manat. Accounts receivable are 1,524 million manat. The plant was commissioned in 1971.

Applicants can review the requirements of competition, privatization plans and get more information from 10:00 to 17:30 till August 2, 2010 at the address: Baku, st. Y. Safarov, 20.

Documents and proposals are accepted from 10:00 to 17:30 till August 2.

Proposals will be reviewed by competition commission in the building of the State Committee Aug. 4, 2010 at 15:00.

On July 3, the official exchange rate is 0.8038 manat to $1.