Manufacturer of air conditioners privatized in Azerbaijan

Business Materials 26 May 2012 20:41 (UTC +04:00)

Azerbaijan, Baku, May 26 /Trend A.Hasanov/

The State Property Committee of Azerbaijan has announced an investment competition on sale of 90.3 percent stake of Baki air conditioner, said in a report published on Saturday in the newspaper Mulkiyyet.

The stake, submitted to the contest consists of a standard package of investment competition (85 percent) and the rest of the discounted sale accounts for the share of the work collective (5.3 percent).

The competition is open to individuals and legal entities of Azerbaijan and foreign investors. Applicants must submit an investment program with proposals for the restoration of the company.

The competition is open to Azerbaijani physical and legal entities and foreign investors. Applicants must submit an investment program with proposals to restore the enterprise's activity.

Applicants must also submit a letter of guarantee of any bank on 300 manat, as well as offers to transfer 950,000 manat to the state budget.

The authorized capital of Baku air conditioner amounted to1.926.060 manat as of May 1, 2012, on which 963,030 shares issued at par value of two manat each. Some 869,616 shares of the total nominal value of 1,739,232 manat will be sold.

The company has debts amounting to 4.07 million manat, including arrears on wages to 862,778 manat. Debts for raw materials, works and services amounted to 1.54 million manat. Receivables of the enterprise are 382,949 manat.

The company has been operating since 1975. There are 458 employees at the enterprise.
Applicants can familiarize with the requirements of competition, privatization plan and get more information from 10:00 to 17:00 till June 20, 2012 at the address: Baku, Safarov st, 20. Documents and proposals are accepted from 10:00 to 17:00 till June 29.

Proposals will be considered in the building of the State Committee from 15:00 on June 2.
Official exchange rate on May 26 is 0.7859 AZN/USD