Azerbaijan announces investment competition on privatization of state-owned enterprise
Azerbaijan, Baku, Aug. 28 / Trend N.Ismayilova /
The Azerbaijani State Property Management Committee announced an investment competition to sell stocks of the Mingechevir Toxucu company, the committee said.
A 99.31-percent share was put on sale. A total of 85 percent are tender standard packet stocks and 14.31 percent are stocks remaining after discount sale to the workforce.
The competition is open to Azerbaijani individuals and legal entities and foreign investors.
Applicants must submit an investment program with proposals to purchase new up-to-date equipment and open jobs.
Applicants must also submit a bank guarantee for 5 percent of the value of the investment proposal, as well as offers to transfer 700,000 manat to the state budget and write off at least 50,000 privatization receipts. Foreign investors must submit privatization options.
Mingechevir Toxucu produces cotton fiber and fabrics. The company is located at 69 M. Rasulzade Ave. in Mingachevir.
The authorized capital of the enterprise is 1.376 million manat with 687,784 shares. The face value of each share is two manat. A total of 683,010 shares with a total face value of 1.366 million manat have been put on tender.
The company's debt hit 917,267 manat, including debt for wages at 184,725 manat and goods and services at 358,230 manat. Debt receivables hit 2,956 million manat.
The enterprise was commissioned in 1960.
Applicants may learn more about the conditions at 20 Y. Safarov St. in Baku, at 10:00-17:30 until Sept.27, 2010. Documents and proposals must be submitted at 10:00-17:30 until Sept.27, 2010.
The proposals will be considered by the Committee's contest commission from 15:00 Sept.29, 2010.
The official exchange rate is 0.8037 manat to $1 Aug. 28.
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