The State Property Management and Privatization Department under the Ministry for Economic Development announced investment competition of the Baku Automobile Industry.
99.23% of the stock was put for auction, the Department told Trend. The admission of documents and bids will last until December 7, while the appraisal will start on 9 December 2005.
The pretenders with progressive experience in machine-building and organization of automobile production are preferred at the investment competition with the participation of local and foreign investors.
The pretenders are due to submit a letter of guarantee from bank or transfer 600m manats to the account of the State Property Management and Privatization Department. The winner is due to transfer 5% of the total planned investments to the settlement account of the enterprise, 2.4bn manats or $510,600 to the public budget, and present 125,000 vouchers.