Azerbaijan announces investment competition for sale of JSC Mingachevir Regenerat’s shares
Azerbaijan, Baku, Aug.11/ Trend A.Hasanov /
The Azerbaijani State Committee on Property has announced an investment competition for sale of 99.65 percent stake of Mingachevir Regenerat, the Mulkiyyet newspaper published by the Committee reports on Saturday.
The stake, put up for the competition consists of a standard package of the investment competition (85 percent) and shares remaining from the preferential sale to work collective (14.65 percent).
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 restore the enterprise's activity.
Applicants must also submit a bank guarantee of five percent of the value of the investment proposals and proposals to transfer 240,000 manat to the state budget.
Applicant must provide a letter of guarantee of any bank in the amount of 80,000 manat to ensure the seriousness of intentions.
The authorized capital of JSC is 404,350 manat as of July 1, to which amount 202,175 shares with total nominal value of 2 manat each have been issued. The subject of competition is 201,475 shares with total nominal value of 402,950 manat.
The enterprise has debts amounting to 142,144 manat. Debts for work and services amounted to 134,621 manat, arrears of wages - - 7,522 manat. Accounts receivable are 130,129 manat. The plant was commissioned in 1992.
Applicants can review the requirements of the competition, privatization plans and get more information from 10:00 to 17:30 till Sept.14, 2012 at the address: Baku, st. Y. Safarov, 20. Documents and proposals are accepted from 10:00 to 17:30 till Sept.14.
Proposals will be reviewed by competition commission in the building of the State Committee Sept.19, 2010 from 15:00.
On Aug.11, the official exchange rate is 0.7854 manat to $1.