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Siyazan-Sharab put in investment competition

Business Materials 5 January 2006 14:15

The State Committee on Management of State Property announced a privatization of 99.34% of the shares of the Siyazan-Sharab JSC through investment competition. The bids will be estimated on 1 February, while the participants of the investment competition are due to submit them till 30 January, Trend reports referring to the press release spread by the State Committee.

Both local and foreign investors can participate in the investment competition, but they are due to present investment program envisaging terms, volumes and directions of investment aimed at production of high quality wine, tinned fruits and vegetables.

The participants of the competition are due to present bids on transfer over 80m manats to the public budget and handing over 4500 vouchers to the State Committee.

The State Committee will give preference to the participants of the competition, who will offer maximal investment and undertake to carry out effective investment, as well as with big experience in light industry, including, production of wines, champagnes, soda waters, natural juices, tinned products.

During 30 days after signing an agreement on sale and purchase the winner is due to cover the arrears of the Company, carry out transfer of the proposed sum to the public budget and hand over vouchers to the State Committee, as well as transfer 5% of the total investment to the settlement account of the enterprise.

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