Confectionery concern repeatedly put up for investment tender in Azerbaijan

Business Materials 4 February 2014 17:43 (UTC +04:00)

Baku, Azerbaijan, Feb. 4
By Abbas Akhundov - Trend:

The Azerbaijani State Property Committee has announced an investment tender for the sale of 30.03 percent of shares in Gence-Qennadı (Ganja confectionery), according to a report published in Mulkiyyat newspaper.

The enterprise has repeatedly been put up for an investment contest as a similar tender was announced in 2013, according to the report.

The tender is open to Azerbaijani individual and legal entities, as well as foreign investors, the report said.

Those willing to participate in the tender must submit an investment programme with proposals for the production of confectionery products and other industrial products, as well as the installation of the necessary equipment.

Those willing to participate in the tender must submit proposals to transfer five percent of the value of the investment proposal to the enterprise's account, as well as a proposal for transferring 550,000 manat to the state budget.

The bidder must submit a letter of guarantee from any bank to the amount of 185,000 manat to confirm the seriousness of intention.

As of January 1, 2013, the authorised capital of the enterprise is 5 288 190 manat, of which 2, 644,095 shares are at a par value of two manat for each share issued. The tender subject is 793,926 shares with a total nominal value of 1,587, 852 manat.

The enterprise has debts amounting to 513 495.7 manat, including arrears of wages worth 139 762.31 manat. Debts for raw materials, operations and services amounted to 112,258 manat.

The enterprise has been operating since 1973. The number of employees is 86.

Those wishing to take part in the tender may obtain further information and study the privatisation plan from 10:00 to 17:30 daily until March 3, 2014, at the following address: 20, Y.Safarov str., Baku.

Documents and proposals are being accepted from 10:00 to 17:30 until March 3, 2014.
The tender commission will then consider the proposals at the State Committee from 15:00, March 5, 2014.

The official exchange rate is 0.7843 AZN/USD on Feb. 4.

Translated by NH
Edited by SM