Owner of 30 percent of cotton producer’s shares determined in Azerbaijan

Business Materials 19 January 2013 17:32

Azerbaijan, Baku, Jan. 19 / Trend I. Khalilova /

The Azerbaijani State Property Committee has announced MKT İstehsalat Kommersiya company as a winner of an investment contest for selling 30.34 per cent stakes of the Beylaqan-Pambıq company, the Mulkiyyet newspaper published by the committee reports today.

A bidder status has been assigned to two applicants. MKT İstehsalat Kommersiya company was announced as the winner following the evaluation of investment proposals.

According to the contest rules, the company is obliged to transfer 40,000 manat to the state budget and to invest 250,000 manat in the company within the investment program for six months.

"These funds will be used to purchase and install equipment that meets current standards to improve the processing workshop of the company," a statement said.

As a result of the investment activity, it is supposed to organize cotton processing and selling in accordance with international standards. During this period it is planned to create 20 new jobs.

The authorised capital is 840,691 manat as of Oct. 1, 2012, 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 dealing with cotton processing, selling and keeping. Around three people work at the enterprise.

The official exchange rate is 0,7848 AZN/USD on Jan. 19.