Azerbaijan Investment Company JSC and Milk-Pro LLC. signed a memorandum on prospective financing of the construction of a new dairy processing plant in Baku and the reconstruction of the existing dairy factory of Milk-Pro in Goychay, Trend reports referring to a message spread by AIC.
The memorandum determines the obligations of the parties on accessing investments, bringing the financial accounting in accordance with the International Financial Standard Accounting, as well as organizing audit according to international standards. In addition, it will reflect conditions of investments, terms, volumes, the forms of the initial conditions, and the investment solution taking procedures
After actions envisaged in the memorandum are taken, an agreement on putting investments will be signed between the parties. According to the agreement, AIC share in the authorized capital of Milk-Pro will reach 20%. The Investment Company is about to participate in the management of the entrepreneurship, as well as in the implementation of projects on the construction of the new dairy factory and the reconstruction of the existing one.
Along with the implementation of investments into Milk-Pro, AIC will carry out works on involving local and foreign investors to the enterprise.
The final decision on putting investments to Milk-Pro is expected to be taken during the Observatory Council of AIC. According to the preliminary data, it will take place in the first quarter of 2007.