The Azerbaijani State Property Management Committee (SPMC) concluded a contract with RRC Ltd on purchase and sale of shares of Oguz-sharab (wine) JSC. The investment competition was held in this respect on 20 December 2005. RRC will invest 600,000 AZN in
the enterprise during 12 months to fulfill terms of the contract and measures within the investment competition, Trend reports referring to a news release by SPMC.
Under the contract the investor will transfer 185m manats (37,000 AZN) to the public budget and present 34,000 vouchers to the State Committee.
In accordance with the investment program, 150m manats (30,000 AZN) is due to be transferred to the settlement account of the enterprise to carry out preliminary work. The funds are envisaged for repair of the building and purchase of plants, attraction of new technologies, as well as organization of modern laboratories and solution of social problems.
Under the presented social program, the number of employees will increase up to 100.