The State Property Management and Privatization Department under the Economic Development Ministry announced an investment competition on purchase of 97.78% of the shares of the Mingachevir Suse Lifi Joint Stock Company (JSC) manufacturing glass fiber. The admission of the documents and bids will last until 14 December, while their appraisal will start on 16 December 2005, the JSC told Trend.
The local and foreign investors can participate at the competition. The companies with leading experience in organization of chemical production proposed more investments are preferred. The pretenders are due to submit a letter of guarantee of the bank or transfer 200 million manats to the account of the department.
The winner is due to transfer 5% of the total planned investments to the settlement account of the enterprise, 700 million manats to the public budget and present more than 56,000 privatization vouchers in 30 days from the signing of the purchase agreement.