Azerbaijan, Baku, July 31 / Trend N. Ismayilova /
The Azerbaijani State Committee on Property has announced an investment competition for sale of 99.23 percent stake of the company Baki Avtomobil Senaye (producer of cars), the State Committee said.
Azerbaijani physical, legal entities and foreign investors can participate in the contest.
Applicants must provide an investment program with the proposals to introduce new technologies, improving the quality of products.
Concerned people must submit a bank guarantee for five percent of the value of the investment proposals and proposals to transfer 250,000 manat to the state budget, as well as to write off at least 40,000 privatization checks (for foreigners - an equal number of options).
Baki Avtomobil Senaye deals with manufacture and sale of cars of different brands, as well as major repairs of vehicles and technical maintenance. It is located 4 Zikh highway, Khatai district, Baku.
The authorized capital of JSC is 3.19 million manat. About 1,593,415 shares with nominal value of two manat each were issued. The subject of the competition are 1,581,221 shares with the total nominal value of 3,16 million manat.
As of July 1, 2010 the company has debts amounting to 380.600 manat, including debts on wages worth 43,500 manat. Accounts receivable are 213,500 manat. Debts for raw materials and services are 337.150 manat.
The company has been operating since 1969. The number of its employees is 490 people.
Applicants can familiarize the requirements of competition, privatization plans and get more information from 10:00 to 17:30 until August 31, 2010 at the address: Baku, st. Y. Safarov, 20. Documents and proposals are accepted from 10:00 to 17:30 until August 31.
Proposals will be reviewed by the commission in the building of the State Committee on State Property from 11:00 September 2, 2010.
On July 31, the official exchange rate is 0.8036 manat to $1.