The State Privatization Committee put the 99.98% stock in Moscow hotel to the investment tender. Officials of the State Committee told Trend 0.02% stock belongs to hotel personnel. 15 out of 28 hotel employees eligible for purchasing these shares have acquired their minor stocks. The estimation of tender participants bids is held September 8 and the deadline for bids submission is September 6.
According to the tender terms, investor shall transfer not less than 1mln manat to the budget and submit at least 50,000 privatization checks to the Committee for repayment. To confirm their intentions, bidders shall submit a letter of guarantee from any bank in amount of 30,000 manat.
The bidders will have to introduce an investment program with specification of investment amounts and their use for hotel business development ion accordance with international standards. It should also envisage the proposals on organization of hotel services meeting todays international standards for opening new workplaces and employees welfare improving. There are 19 people working in Moscow hotel now.
As of August 1, 2006 the hotel charter fund is 1,838,192 manat. The hotel debts amount 128,692 manat, including that on salaries and equal debts of 76,331 manat. Notes payables amount 3,84k manat. The hotel was commissioned in 1980.