Baku, Azerbaijan, Sept. 28
By Azad Hasanli - Trend:
Azersun Holding LLC, one of the biggest holdings in Azerbaijan, intends to expand the activity of the Imishli sugar factory, which is manufacturing products under the Azersheker brand, Savas Uzan, executive director of the holding, told Trend.
Last year, due to certain problems, the factory had to temporarily suspend its activity, he said.
Uzan noted that during this period, sugar was imported from Russia and Ukraine.
He added that now the problems have been solved, and the factory resumed its activity. The harvesting of sugar beet continues, and the production of sugar will begin in December, he noted.
“We have invested additional funds in the plant,” he said. ‘Investments, in particular, were allocated to increase the volume of reception and processing of sugar beet. Now the plant is operating at full capacity, and we plan to expand its activities further.”
Uzan also touched on plans to hold an IPO (initial public offering).
The Azerbaijan Sugar Production Association, which owns the plant, should become the first company to enter the IPO, he said.
He added that holding hasn’t abandoned these plans, and is actively preparing for the IPO.
“We are consulting with foreign companies, and if everything goes according to plan, the Azerbaijan Sugar Production Association will be the first company in Azerbaijan to enter the IPO,” he said.
Earlier, Uzan told Trend that the holding seeks to sell part of its shares at the London Stock Exchange. Then, the holding planned to sell about 30-40 percent of the Azerbaijan Sugar Production Association.
The main asset of the Azerbaijan Sugar Production Association is the Imishli sugar factory, built in 2006. The plant can process up to 5,000 tons of sugar beet and produce 1,800 tons of sugar daily. The approximate cost of the plant 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.
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