Winery’s privatisation announced in Azerbaijan

Business Materials 22 December 2012 14:10 (UTC +04:00)

Azerbaijan, Baku, Dec. 22 / Trend J. Nasibova /

The Azerbaijani State Property Committee has announced an investment contest for the sale of 98.4 per cent stake of the Oguz Serab winery'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.

A package of shares presented for the contest consists of a standard package of investment contest (85 percent) and the shares remained after privileged sale to the staff (13.4 percent).
Applicants must also submit a bank guarantee of five per cent of the value of the investment proposals and plans to transfer 110,000 manat to the state budget.

Each applicant must provide a letter of guarantee of any bank to the amount of 40,000 manat to ensure serious intention.

The authorised capital is 244,038 manat as of Nov. 1, to which 122,019 shares with a total nominal value of two manat each have been issued. The subject of the contest is 120,069 shares with a total nominal value of 240,138 manat.

The enterprise has debts amounting to 364,398 manat. Debts for work, raw materials and services amounted to 16,593 manat, arrears of wages stand at 77,690 manat. Accounts receivable is 42,145 manat.

The company has been operating since 1983. Some 22 people work in the winery.

Applicants can review the requirements of the contest, privatisation plans and get more information between10am until 17.30pm up till Jan. 22, 2013 at the address: Baku, st. Y. Safarov, 20. Documents and proposals are accepted from 10:00 to 17:30 till Jan. 22, 2013.

Proposals will be reviewed by the contest commission at the building of the State Committee on Jan. 24, 2013 from 11:00.

On Dec. 22, the official exchange rate is 0.7848 manat to $1.