Cotton manufacturing company’s privatisation announced in Azerbaijan

Azerbaijan, Baku, Dec. 1 / Trend J. Nasibova /

The Azerbaijani State Property Committee has announced an investment contest for the sale of 30.34 per cent stake of the Beyleqan-Pambıq Company's shares, the Mulkiyyet newspaper published by the committee reports today.

The contest is open to Azerbaijani physical and legal entities and foreign investors.
Those wishing to participate in the contest must submit an investment programme that includes proposals to restore the enterprise's activity.

Applicants must also submit a bank guarantee of five per cent of the value of the investment proposals and plans to transfer 40,000 manat to the state budget.

Each applicant must provide a letter of guarantee of any bank to the amount of 15,000 manat to ensure serious intention.

The authorised capital is 840,691 manat as of Oct. 1, to which 420,345 shares with a total nominal value of two manat each have been issued. The subject of the contest is 127,520 shares with a total nominal value of 255,040 manat.

The enterprise has debts amounting to 690,142 manat. Debts for work, raw materials and services amounted to 668,464 manat, arrears of wages stand at 21,678 manat.
The company has been operating since 1983. It is engaged in cotton processing, selling and storing. Three people work in the company.

Applicants can review the requirements of the contest, privatisation plans and get more information between10am until 17.30pm up till Jan. 10, 2013 at the address: Baku, st. Y. Safarov, 20. Documents and proposals are accepted from 10:00 to 17:30 till Jan. 10.
Proposals will be reviewed by the contest commission at the building of the State Committee on Jan. 11, 2013 from 15:00.

On Dec. 1, the official exchange rate is 0.7847 manat to $1.

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