Azerbaijan, Baku, Feb. 19 / Trend N.Ismayilova /
The Azerbaijani State Property Issues Committee announced an investment competition for sale of stakes of the JSC Azershin, the State Committee said today.
Some 85 percent stake package is offered at the competition. A total of 85% of them is securities standard package and 11.98% - stakes, remained after their preferential sale to labor staff.
Azerbaijani individuals and juridical figures, as well as foreign investors can take part in the competition.
Applicants should submit investment program with offers on purchase of new equipment, new production profile of the enterprise, introduction of new technologies and increase of range of goods and jobs.
Participants should present banking guarantee by 5% of cost of investment bids and submit offers on transfer 800,000 manat to public budget.
Azershin is engaged in manufacturing and selling of rubber wheels and is located in the Narimanov district of Baku.
The company's authorized capital makes up 1.79mln manat and 894,628 stakes with 2 manat nominal cost for each are issued to this cost. A total of 867,309 stakes with 1.73 million manat nominal cost for each is an object of the competition.
As of Feb.1, 2011 the company has debts amounting to 5.67 million manat, including wage debts worth 70,500 manat, debts for raw materials, works and services amounted to 5.6 million manat. Debt receivables of the enterprise amount to 2.45mln manat.
The enterprise functions since 1959 and comprises 530 employees.
Applicants can get familiarized with requirements of the competition, privatization plan and get additional data in Y.Safarov St., 20, Baku, from 10.00 to 17:00 until March 31, 2011. Documents and offers should be submitted from 10.00 to 17:00 until March 31, 2011.
The proposals will be reviewed by competition commission from 12:00 April 1, 2011.
The official exchange rate is 0.7949 manat to $1 Feb. 19.