Azerbaijan announces investment competition to privatize electromechanical plant
Azerbaijan, Baku, June 18 / Trend, N.Ismayilova /
The Azerbaijani State Property Committee announced an investment competition to sell 98.45 percent of the shares in Yeni BEMZ (new Baku Electromechanical Plant), the State Property Committee said.
Some 85 percent of the shares put up for sale fell to the standard investment package, while 13.45 percent remained after the preferential sale 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 to introduce new technologies, increase range of products, restore and open new jobs. Applicants must also submit a bank guarantee for five percent of the cost of investment proposal, as well as offers to transfer 850,000 manat to the state budget. Letter of guarantee of any bank in the amount of 280,000 manat is also required to confirm applicant's serious intent.
Yeni BEMZ is located in the Narimanov district of Baku at: Str. Kondelen, 3. The enterprise specializes in manufacturing electric motors of various sizes and consumer goods.
As of May 1, 2011, the company's authorized capital of the enterprise is 3.196 million manat with 1.598 million shares. The face value of each share is two manat. A total of 1.573 million shares with a total face value of 3.147 million manat have been put on tender.
The enterprise's liabilities hit 2.203 million manat, including debts to pay wages at 131.026, and debts to pay for goods, done work and rendered services at 2.072 million manat. The enterprise has been operating since 1947. The enterprise's staff consists of 385 people.
Applicants may learn more about the conditions at 20 Y. Safarov St. in Baku, at 10:00-17:30 until July 18, 2011. Documents and proposals must be submitted at 10:00-17:30 until July 18, 2011. The proposals will be considered by the Committee's contest commission from 11:00 July 20, 2011.
The official exchange rate is 0.7878 manat to $1 June 18.