Azerbaijan, Baku, Jan. 15 / Trend A. Akhundov /
Azerbaijan Investment Company (AIC) has sold its stake in two major projects, the Ministry of Economic Development told Trend on Tuesday.
AIC has successfully sold its shares to the major shareholders of the Production Association "Azerduz" and the "Sangachal-Garadagh" oil and gas terminal.
"These projects became profitable and shareholders were satisfied with their implementation, they wanted to acquire the AIC's stake in two projects in non-oil sector, meaning the factory for the production of salt and the terminal complex in Garadagh", Economic Development Minister and head of Supervisory Board of the company Shahin Mustafayev told Trend.
According to him, the main purpose of the AIC is the successful participation in projects in priority areas of the non-oil sector, along with local and foreign investors.
"Our goal has already been reached in two projects", Mustafayev said.
CJSC "Azerduz" was established by Azersun Holding and AIC. The investment company has invested $ 2.9 million in this project, and acquired a 25% stake in Azerduz. Total investment in construction of the plant is 15 million Manat.
The Sangachal-GaradaghOil and Gas Terminal Joint Stock Company was also founded in conjunction with Azersun Holdings. AIC acquired 25% of the share capital of the JSC, having invested $9 million of proceedings from the decision and sales made by the Investment Company's Supervisory Board as of June 29, 2007.
The AIC was founded upon the President's order as of March 30, 2006.
The only founder of the company is the Ministry of Economic Development.
AIC's authorized capital was increased to 160 million manat in early 2010. It hit 90 million Manat during its establishment.
In 2012, a milk processing plant in Hovsan, a new cement plant of Holcim (formerly "Garadagh Cement") and an agroservice venture in Agstafa were commissioned with participation of the AIC.
To date, AIC has invested around 90 million Manat in projects. Overall, more than 900 million Manat of local and foreign investment has been made in projects with involvement of the AIC.
The official exchange rate on 15 January is 0.7849 AZN / USD.