ECONOMIC DEVELOPMENT MINISTRY ANNOUNCES INVESTMENT COMPETITION OF SUMQAYIT SUPERPHOSPHATE PLANT
The Economic Development Ministry announced an investment competition on privatization of the Superphosphate plant in Sumgayit, the State Property and Privatization Department of the Ministry told Trend.
Almost all shares (99,83%) will be proposed to investors. The rest part has been obtained by collective through closed subscription.
The privatization of the plant is carrying out in accordance with President's 22 March 2001 decree on privatization of the enterprises and organizations of the chemical industry.
The appraisal of the bids will be held in November, while the participants of the competition will be able to get familiar with the privatization plan at the State Property and Privatization Department till 29 November.
The investor is obliged to present its bids on production of high quality products, directions of the investment, volume and term. He is due to apply modern technology, widen range of assortments, and restore jobs and workersвЂ™ social provision.
There are 537 workers at the plant. The winner is due to transfer 5% of the total planned investments to the settlement account of the enterprise, 5.6bn manats or $1.1m to the public budget, present 300,000 vouchers in 30 days since the signing of the purchase agreement..
The statutory capital of the plant comprises 37.7 billion manats with nominal price 10,000 manats per share. The plant put into exploitation in 1956.