Azerbaijani committee announces investment competition to sell shares of sports complex

Azerbaijan, Baku, Oct. 17 / Trend N. Ismayilova /

The Azerbaijani State Property Committee announced an investment competition to sell shares of JSC Polad Idman Kompleksi, a message said.

A package of shares worth 99.96 percent, of which 85 percent - shares of a standard package of investment competition and 14.96 percent - those left after the preferential sale of shares to the labor collective was put on sale.

The competition is open to Azerbaijani physical, legal entities and foreign investors.

Applicants must submit an investment program with proposals to conduct repair and restoration work to bring the complex to the requirements of international standards and create conditions for sports training and competitions.

Applicants must also submit a bank guarantee for 5 percent of the value of the investment proposal, as well as proposals to transfer 35,000 manat to the state budget and write off at least 500,000 privatization receipts. Foreign investors must submit privatization options.

Polad Idman Kompleksi trains sportsmen in boxing, judo and weightlifting. The complex is located on H. Aliyev Avenue, Sumgait.

The authorized capital of the enterprise is 108,330 manat. About 54,167 were issued. The face value of each share is two manat. The subject of the competition is 54,147 shares with total nominal value of 108,290 million manat.

The debts of the company hit 415,24 billion manat.

The enterprise has been operating since 1960. The number of employees hits 2 people.

Applicants may learn more about the tender on 20 Y. Safarov St. Baku, at 10:00-17:30 until Nov. 23. Documents and proposals must be submitted from 11:00 until Nov. 26, 2010.