Fiberglass production plant put up for investment contest in Azerbaijan

Business Materials 17 February 2013 13:06 (UTC +04:00)

Azerbaijan, Baku, Feb. 17 / Trend A. Akhundov /

The Azerbaijani State Property Committee has announced an investment contest for the sale of 97.78 per cent stake of the Mingecevir Suse lifi (Mingachevir fiberglass) company's shares, the Mulkiyyet newspaper published by the committee reports on Saturday.

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 produce high-quality fiber glass and other chemical products.

Applicants must also submit a bank guarantee of five per cent of the value of the investment proposals and plans to transfer 300,000 manat to the state budget.

Each applicant must provide a letter of guarantee of any bank to the amount of 80,000 manat to ensure serious intention.

The authorised capital is 494,780 manat as of Jan. 1, to which 247,390 shares with a total nominal value of two manat each have been issued. The subject of the contest is 241,888 shares with a total nominal value of 483,776 manat.

The enterprise has debts amounting to 693,182 manat. Debts for work, raw materials and services amounted to 145,104 manat, arrears of wages stand at 15,502 manat.
The enterprise has been operating since 1965. Some 75 people work there.

Applicants can review the requirements of the contest, privatisation plans and get more information between10am until 17.00pm up till March 28, 2013 at the address: Baku, st. Y. Safarov, 20. Documents and proposals are accepted from 10:00 to 17:30 till March 28, 2013.
Proposals will be reviewed by the contest commission at the building of the State Committee on March 29, 2013 from 15:00.

On Feb. 17, the official exchange rate is 0.7847 manat to $1.