Car plant to be privatized in Azerbaijan

Business Materials 10 October 2011 19:31 (UTC +04:00)

Azerbaijan, Baku, Oct. 10 /Trend, I.Khalilova/

State Property Committee of Azerbaijan has announced an investment competition for sale of 99.23 percent of shares of "Baki avtomobil Senaye" JSC (Baku Car Industry Plant), said a statement published in the print edition of the State Committee on Monday.

Shares presented for the competition consists of a standard package of investment competition (85 percent) and the shares remaining from the preferential sale to the labor collective (14.23 percent).

Applicants must submit a bank guarantee of five percent of the value of the investment proposal. To confirm the seriousness, as a guarantee of the conditions and requirements of the competition, the investors must submit a bank guarantee of 250,000 manat. Also proposals must be presented to transfer 700,000 manat to the state budget.

The investment program should include proposals for introducing new technologies, improving product quality, expanding product range, rehabilitation and creation of new job, etc.

Applicants can review the requirements of the competition and get more information from 10.00 to 17.30 on Nov. 8, 2011 at Baku, Y.Safarov str., 20. Documents and proposals are accepted from 10.00 to 17.30 on Nov. 8, 2011. Proposals will be evaluated on 11.00 Nov. 10, 2011.

JSC is located in the city of Baku at: Zikh Highway, 4 (Khatai district). Main activity is to manufacture cars of different brands, their sales, repair and maintenance of vehicles. The company has been operating since 1969, employees 463 people.

The authorized capital of JSC totals 3.2 million manat, for which 1,593,415 shares at par value of each in two manat have been issued. The object of the competition is 1,581,221 shares with total nominal value of 3.162.442 manat.

The obligations of the enterprise total 435,277 manat, including 44,377 manat wage debts and 19,049 manat debt for goods and services. At the same time, the company's accounts receivable amount to 203,562 manat.

Official exchange rate on Oct. 10 is 0.7869 AZN/USD.