Bonds of MKT Istehsalat Kommersiya Became Debut in External Securities Market

Business Materials 7 December 2006 16:44 (UTC +04:00)

Production Commercial MKT Istehsalat-Kommersiya LLC is first to issue Azerbaijan corporative bonds for the foreign market, Gunduz Mammadov, Chairman of the State Securities Committee within the Azerbaijan Presidential Administration informed Trend.

According to Mr. Mammadov, bonds of the Production Commercial Enterprise were placed in the Latvian securities market. The total volume of the issue reached $5 mln.

The Azerbaijani Enterprises appearing in the foreign market became possible due to the assistance of Latvia Parex Bank which has its representative office in Azerbaijan, said Mr. Mammadov.

MKT Company was established in 1997 with the aim to buy the cotton-cleaning plants. The Company bought a package of shares of the following joint-stock companies: Saatli-Pambigh, Yevlakh-Pambigh, Beylagan-Pambigh, Bilasuvar-Pambigh, Salyan-Pambigh, and the Ali-Bayramli Oil and Fat Factory. The total cost for all the enterprises was more than $8 mln.

Presently, the MKT is managing 14 cotton plants.

The Company is engaged in purchasing, processing, and selling cotton-fiber, production and sale of cotton oil made from cotton seeds, as well as production of cotton yarn of different types that can be sent for export. The company rented the Ganja Spinning Factory and invested $0,7 mln. for its reconstruction.