Azerbaijan announces investment competition to sell 30 percent of shares of confectionery producer

Azerbaijan announces investment competition to sell 30 percent of shares of confectionery producer

Azerbaijan, Baku, April 23 / Trend, N.Ismayilova /

The Azerbaijani State Property Committee announced an investment competition to sell 30.03 percent of the shares in the "Gence Qennadi", producing confectionery, the State Property Committee said.

The competition is open to physical and legal entities of Azerbaijan and foreign investors.

Applicants must submit an investment program with proposals to production of confectionery or other industrial products, purchasing and installing the necessary equipment, as well as to submit a bank guarantee for five percent. Applicants must submit offers to transfer 550,000 manat to the state budget.

"Gence-Qennadi" is engaged in the confectionery production. The company is located on the Shamkir highway 1, Ganja city.

The enterprise's authorized capital is 5.288 million manat with 2.644.095 shares. The face value of each share is two manat. A total of 793,926 shares with a total face value of 1.588 million manat have been put on tender.

As of April1 the company's debts hit 729,032 manat, including debts to pay for raw materials, rendered services and work at 268,657 manat, and debts to pay wages at 87,415 manat. The enterprise has been operating since 1973.

Applicants may learn more about the conditions at 20 Y. Safarov St. in Baku, at 10:00-17:30 until May 24, 2011. Documents and proposals must be submitted at 10:00-17:30 until May 24, 2011.

The proposals will be considered by the Committee's contest commission from 15:00 May 26, 2011.

The official exchange rate is 0.7917 manat to $1 April 23.

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