Weaving mill privatization announced in Azerbaijan
Azerbaijan, Baku, Oct. 22 / Trend J. Nasibova /
The Azerbaijani State Property Committee has announced an investment contest for the sale of 98.09 percent stake of the Tagiyev weaving combine, the Mulkiyyet newspaper published by the Committee reports today.
The stake, put up for the contest consists of a standard package of the investment contest (85 percent) and shares remaining from the preferential sale to the collective (13.09 percent).
The contest is open to physical and legal entities of Azerbaijan and foreign investors.
Those wishing to participate in the contest 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 800,000 manat to the state budget.
Applicant must provide a letter of guarantee of any bank in the amount of 250,000 manat to ensure the seriousness of intentions.
The authorized capital is 1.401.274 million manat as of Sept. 1, to which amount 700,637 shares with total nominal value of 2 manat each have been issued. The subject of contest is 687,262 shares with total nominal value of 1.374.524 million manat.
The enterprise has debts amounting to 3.226.420 million manat. Debts for work, raw materials and services amounted to 2.390.563 million manat, arrears of wages - - 835,857 manat. Accounts receivable are 2.522.879 million manat.
The company has been operating since 1894. It is engaged in yarn production and dyeing of cotton fabrics. Around 698 people are employed there.
Applicants can review the requirements of the contest, privatization plans and get more information from 10:00 to 17:30 till Nov. 20, 2012 at the address: Baku, st. Y. Safarov, 20. Documents and proposals are accepted from 10:00 to 17:30 till Nov. 20.
Proposals will be reviewed by contest commission in the building of the State Committee on Nov. 22, 2012 from 11:00.
On Oct. 22, the official exchange rate is 0.785 manat to $1.