Investor to triple tea production in Azerbaijani region

Azerbaijan, Baku, Sept. 17 / Trend I.Khalilova /

The Azerbaijani State Committee for Property Issues has announced the completion of the sale of 30 percent shares of tea company JSC Lenkeran-Chay-5 through an investment competition, the committee reported.

"The investor undertook to invest 259,900 manat in the company for production within six months," the committee said.

These funds are designed to increase production by using new technologies for processing, building a fermentation plant for the cultivation of tea plants, and building of a small facility for cleaning tea, a laboratory and training rooms.

The investment program also stipulates the purchase and installation of equipment for the cleaning and packaging of tea, an overhaul of the administrative building companies, buying and planting the tea seeds, as well as stockpiling of tea seedlings.

The investor expects to increase production of tea three times through creating a new 14-hectare tea plantation for ecologically clean tea products.

The investor will transfer 45,000 manat to the state budget. According to the investment project, 20 new jobs are expected to be created thanks to the restoration and development of production at the plant, as well as other activities.

Lenkeran-Chay-5 specializes in the processing of tea and its sale in the Lankaran region.

The authorized capital of the company is 829,500 million manat. About 414,741 shares with nominal value of two manat each were issued. The subject of the competition were 124 422 shares with the total nominal value of 248,844 million manat.

The company has debts amounting to 26,600 manat, including debts on wages worth 1,670 manat. Accounts receivable are 19,670 manat. The company has been operating since 1988.

The official exchange rate is 0.3033 manat to $1 Sept. 17.

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