Baku, Azerbaijan, Oct. 16
By Ilkin Shafiyev - Trend:
The assets of enterprises worth 530 million manat have already been accepted into the authorized capital of Azerbaijan Industrial Corporation OJSC (AIC), director of the AIC Kamran Nabizade said.
He made the remarks at the meeting of the Cabinet of Ministers dedicated to results of socio-economic development in the nine months of 2018 and objectives for the future, chaired by the President of Azerbaijan Ilham Aliyev.
The market value of the assets of enterprises, which should be transferred to the balance of the agro-industrial complex in the first tranche, has already been determined, he said.
"The total amount of these assets is 668 million manat. As of today, assets worth 530 million manat have already been taken to the corporation’s balance sheet, and work continues on accepting the remaining assets to 138 million," Nabizade added.
“Local specialists are engaged in assessment. Our task is to rationally use these assets to make an even greater contribution to the economic development of the country. Currently, there are 17 enterprises operating on the balance sheet of our corporation, where a corporate governance system and a corresponding accounting system are implemented,” he added.
Azerbaijan Industrial Corporation Open Joint-Stock Company was established in November 2017.
The establishment of the state-owned Azerbaijan Industrial Corporation aims to increase effectiveness of public property management, set up accountability and control systems based on corporate management principles and build favorable cooperation between government bodies.