Baku, Azerbaijan, Oct. 21
By Azad Hasanli – Trend:
Azersun, one of the largest Azerbaijani holdings, does not intend to issue bonds in the near future, Savas Uzan, director general of the holding, told Trend October 21.
“Bonds are issued when additional funds are required, but we have no need in them,” Uzan added.
He said Azersun Holding plans to prepare for an initial public offering (IPO) before late 2017.
“We intend to put up 30-40 percent shares of the Azerbaijan Sugar Production Association for sale,” he said. “The shares will be sold both in the local stock exchange and the London Stock Exchange.”
The main asset of the Azerbaijan Sugar Production Association is the Imishli Sugar Factory, built in 2006.
The factory can process up to 5,000 tons of sugar beet and produce 1,800 tons of sugar daily.
Earlier, Abdolbari Goozal, chairman of the holding’s supervisory board, said that the total cost of the sugar factory is $300 million.
Azersun Holding LLC was established in 1992. The holding’s activities cover processing and packing of tea and vegetable oil, trade and distribution, construction, production of cardboard and paper products, production of canned meat and vegetables, transportation and storage of goods.