Azerbaijan, Baku, Aug. 21 / Trend N.Ismayilova /
The Azerbaijani State Property Management Committee announced investment competition for sale of 99.67 percent shares of Baki Meishet Mashinlari (Baku Household Appliances) JSC, the committee said.
Of the shares on sale, 85 percent sshares fell to the standard package of investment competition and 14.67 per cent - left after the preferential sale of shares to the labor collective.
Azerbaijani physical and legal entities may take part in the competition, as well as foreign investors.
Candidates must deliver investment program to introduce new technologies, improve quality of production, and increase production capacity and variety of production.
Candidates willing to participate in the competition should deliver bank guarantee for 5 percent of cost of investment proposal. They should submit proposals on allocation of 850,000 manat in state budget, as well as deduction of not less than 100,000 privatization checks (equal number of options for foreigners). Foreign investors must also submit privatization options.
Baki Meishet Mashinlari deals with production and sale of universal household appliances. The plant is situated in 5.02 hectares area of Baku, Narimanov region, 6 Gaibov str.
Authorized capital of JSC totals 4.528 million manat. For this amount 2,263,874 shares were released with nominal value of 2 manat each. The topic of the competition is 2,256,428 shares with total nominal value of 4.513 million manat.
As of Aug. 1, 2010 the enterprise has debts in the amount of 533,850 manat, including debts on wage in the amount of 236,640 manat. Accounts receivable of the enterprise total 4,615 manat. The enterprise operates as of 1985.
The candidates may familiarize with requirements of competition, privatization of plan and get additional information from 10:00 a.m. to 17:30 p.m. by Sept.20, 2010 at the following address: Baku, 20 Y. Safarov str. Documents and proposals are taken from 10:00 a.m. to 17:30 p.m. by Sept.20.
Competitive commission will consider proposals in the State Property Management Committee Sept.22, 2010 from 10:30 a.m.
The official exchange rate is 0.8038 manat to $1 Aug. 21.
Do you have any feedback? Contact our journalist at: [email protected]