Azerbaijan, Baku, Feb.26 / Trend, N.Ismayilova /
The Azerbaijani State Property Committee announced an investment competition to sell 99.34 percent shares of producer of machine-building equipment - Baki Elektroavtomat, the committee said.
Some 85 percent of the company's package of shares put for sale falls to a standard package of investment competition, while 14.34 percent remained after the preferential sale of shares to the labor collective.
The competition is open to Azerbaijani physical and legal entities and foreign investors.
Applicants must submit an investment program with proposals for introduction of new technologies, expanding the range of products, opening new jobs and social provision of workers.
Applicants must also submit a bank guarantee for 5 percent of the value of the investment proposal, as well as offers to transfer 650,000 manat to the state budget.
Baki Elektroavtomat is engaged in manufacturing equipment for the internal power supply network and distribution of switchgear, used in the machine building industry, with the voltage up to 1,000 volts. The company is located in the Bina settelement, Baku.
The authorized capital of the enterprise is 1,256 million manat with 627, 833 shares. The face value of each share is two manat. A total of 623,663 shares with a total face value of 1.25 million manat have been put on tender.
The company's debts hit 851,960 manat as of Jan.1, 2011, including debts to pay wages 75,800 manat, and debts to pay for the purchase of raw materials and rendered services at 169,200 manat. The enterprise's accounts receivable hit 74,350 manat.
The enterprise has been operating since 1961. Number of workers of the enterprise is 39 people.
Applicants may learn more about the conditions at 20 Y. Safarov St. in Baku, at 10:00-17:00 until March 31, 2011. Documents and proposals must be submitted at 10:00-17:30 until March 31, 2011.
The proposals will be considered by the Committee's contest commission from 11:00 Apr.1, 2010.
The official exchange rate is 0.7941 manat to $1 Feb.27.