Azerbaijan re-announces investment competition to sell manufacturer of technical rubber

Business Materials 2 July 2011 13:35 (UTC +04:00)

Azerbaijan, Baku, July 2 / Trend A.Akhundov /

The Azerbaijani State Committee on Property re-announced an investment competition for sale of 98.94 percent stake of manufacturer of technical rubber Mingachevir Texniki Rezin, the Committee said.

Of the company's shares placed on sale, 85 percent fell to a standard package for the competition investment, while 13.94 percent remain after the preferential sale of shares to the labor collective.

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

Those wishing to participate in the competition must submit an investment program that includes proposals to introduce new technologies to produce high-quality technical rubber, increase range of products, open new jobs and the welfare of employees, as well as give a bank guarantee for five percent of the value of the investment proposal. Applicants must submit proposals for the transfer of 150,000 manat to the state budget.
Mingachevir Texniki Rezin produces and sells technical rubber. The company is located in the Mingechevir city.

The authorized capital of JSC is 972.214 manat. The subject of competition is 480,957 shares with total nominal value of 961.914 manat.
As of June 1, the company has debts amounting to 995,375 manat. Debts for raw materials, work and services amounted to 440.101 manat, arrears of wages - 32,254 manat.
Accounts receivable are 1, 487 million manat. The plant was commissioned in 1971.
Applicants can review the requirements of competition, privatization plans and get more information from 10:00 to 17:30 till Aug. 2, 2011 at the address: Baku, st. Y. Safarov, 20.
Documents and proposals are accepted from 10:00 to 17:30 till Aug. 2.

Proposals will be reviewed by competition commission in the building of the State Committee Aug. 4, 2010 at 15:00.
The official exchange rate is 0.7867 manat to $1 on July 2.