Azerbaijan, Baku, Aug. 4 / Trend E.Ismayilov /
Azerbaijan State Committee on Property has announced an investment competition for sale of 98.94 percent stake in fiberglass manufacturer Mingəçevir texniki rezin, a statement published on Saturday in the official press said.
Of the company's shares put on sale some 85 percent fall to the standard package of investment competition, while 13.94 per cent, remaining after the preferential sale of shares is owned by the labor collective.
The competition is open to individuals and legal entities of Azerbaijan and foreign investors.
Applicants must submit an investment program with proposals to introduce new technologies, improve the quality and range of products, as well as to create new jobs.
Applicants must also provide a bank guarantee for five percent of the value of investment proposals and submit to the state budget 450,000 manat.
Mingəçevir texniki rezin specializes in the manufacture and sale of technical rubber products. The company was put into operation in 1971.
The authorised capital is 972,214 manat, some 486,107 shares, at two manat each, were issued on this amount. The object of the contest is 480,957 shares of the total nominal value of 961,914 manat.
As of July 1, 2012, the company had debts amounting to 1.033.385 million manat, including debts on wages - 54,886 manat, and debts to pay for raw materials and services provided - 978,499 manat. Accounts receivable amount to 1.280.100 million manat. The company employs 43 people.
Applicants can familiarize themselves with the requirements of competition, privatization plan and get more information from 10:00 to 17:30 prior to September 5 at the following address: Baku, Y.Safarov st., 20. Documents and proposals are accepted from 10:00 to 17:30 until September 5.
Proposals will be evaluated by the tender committee in the building of the State Committee on Property at 15:00 on September 7.
The official exchange rate is 0.7855 AZN to $1 on Aug. 4.