Azerbaijan announces investment competition for sale of ferroconcrete enterprise
Azerbaijan, Baku, Sept. 25 / Trend N.Ismayilova /
The Azerbaijani State Committee on Property Issues has announced an investment competition to sell the stock of the JSC Gence Menzil Tikinti ferroconcrete enterprise, the committee's official publication 'Mulkiyyet' reported.
A 99.96-percent share has been put on sale. A total of 85 percent are tender standard packet stocks and 14.96 percent are stocks remaining after a 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 equipment, hold landscaping on its territory, open new jobs and provide social services to staff.
Applicants must also submit a bank guarantee for 5 percent of the value of the investment proposal, as well as offers to transfer 850,000 manat to the state budget and write off at least 50,000 privatization receipts. Foreign investors must submit privatization options.
Gence Menzil Tikinti is engaged in manufacturing ferroconcrete products, building and assembling.
The authorized capital of the enterprise is 2.697 billion manat with 1,348,546 shares. The face value of each share is two manat. The subject of the competition is 1,348,054 shares with total nominal value of 2.696 million manat.
The company's debt hit 162,793 manat, including debts for wages at 39,040 manat. Debts for raw materials, works and services amounted to 123,750 manat and debt receivables hit 248,950 manat. The enterprise was commissioned in 1979.
Applicants may learn more about the tender at 20 Y. Safarov St. in Baku, at 10:00-18:00 until Oct.22. Documents and proposals must be submitted at 10:00-17:30 until Oct.22, 2010.
The proposals will be considered by the tender commission from 15:00 on Oct.36.
The official exchange rate is 0.8030 manat to $1 Sept. 25.
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