Electromechanical works privatized in Azerbaijan

Business Materials 26 July 2010 18:58 (UTC +04:00)

Azerbaijan, Baku, July 26 / Trend I. Khalilova /

The Azerbaijani State Property Committee has announced an investment competition for sale of 98.45 per cent of the shares of "Yeni BEMZ" (New Azerbaijan Electromechanical Works), the State Committee said.

The investment package is formed from a standard package of investment competition (85 percent) and remaining after the preferential sale of the labor collective shares (13.45 percent).

Both local and foreign investors can participate in the competition.

Applicants must provide a bank guarantee for 5 percent of the value of the investment proposals, proposals to pay about 800,000 manat to the state buget, and provide 35,000 privatization checks to the State Committee (for foreigners and another equal number of options).

Applicants must submit an investment program with the proposals to introduce new technologies, expanding product range, recovery and job creation.

Bidders may familiarize with the privatization plan and get more information from 10.00 to 17.30 August 24, 2010 at the address: Baku, st. Y. Safarov, 20. Applications for participation and suggestions are accepted from 10.00 to 17.30 until 24 August 2010. Evaluation of proposals will commence from 11.00 Aug. 26, 2010.

"Yeni BEMZ" OJSC is located in the Narimanov district of Baku at the address: Str. Kendel, 3. The company specializes in manufacturing electric motors of different sizes and consumer goods.

The authorized capital of JSC is 3,196 million manat. About 1,598,170 shares of par value in two manat each were issued. The subject of the competition are 1573392 shares with the total nominal value of 3.147 million manat.

The company has liabilities amounting to 2,525.198 manat, including 138.620 manat wage arrears, and 2386.578 manat debt for goods, work and rendered services. Accounts receivable from the company is 869.946.42 manat. The company has been operating since 1947. Personnel of the enterprise consists of 385 people.

On July 26, the official exchange rate is 0.8036 manat to $1.