Azerbaijan, Baku, October 2 / Trend N.Ismayilova /
The Azerbaijani State Property Committee has announced an investment competition to sell 99,83 percent shares of JSC
Sumqayit Superfosfat , producing chemical production, the committee said.
The competition is open to Azerbaijani physical and legal entities and foreign investors.
Applicants must submit an investment program with proposals to produce export-oriented products, introduce new technologies, produce goods having demand on the local market, restore jobs, social welfare of the staff .
Applicants must also submit a bank guarantee for 5 percent of the value of the investment proposal, as well as offers to transfer 1,5 million manat to the state budget and write off at least 100,000 privatization receipts. Foreign investors must submit privatization options.
Sumqayit Superfosfat deals with the production of sulfate salts, granular superphosphate fertilizer, oleum and other chemicals. The company is located in the city of Sumgait.
The authorized capital of the enterprise is 7,545 million manat with 3,772,468 shares. The face value of each share is two manat. The subject of the competition is 3,766,106 shares with total nominal value of 7,532 million manat.
The company's debt hit 1,973 billion manat, including debts for wages at 56,779 manat. Debts for raw materials, work and services amounted to 1,916 million manat and debt receivables hit 1,685 manat. The enterprise was commissioned in 1956.
Applicants may learn more about the tender at 20 Y. Safarov St. in Baku, at 10:00-17:30 until Nov.1. Documents and proposals must be submitted at 15:00 until Nov.3, 2010.
The official exchange rate is 0.8026 manat to $1 Oct. 2.