Azerbaijan, Baku/ Trend corr. I. Khalilova / Anar Akhundov, the Executive Director of "Azerbaijan Investment Company" (AIC) JSC, has said today that AIC has plans to conclude its fisrt agreement on investing in the beginning of April, 2007.
The Company intends to put investments into the construction of a new diary factory to be built in Hovsan Settlement (a suburb of Baku City).
According to him, this week, documents are expected to be submitted to the AIC Supervisory Board for further adoption of a final decision. As soon as a mandate is accepted, the deal will be concluded.
The Memorandum on Intensions was concluded among AIC, EBRD and Milk-Pro LLC, Azerbaijan's largest diary producer, therefore, a trilateral joint stock agreement.
AIC's stake in the project will reach 20 percent, and investments to be put by the Company are expected to be at about $11 mln.
AIC's participation in Milk-Pro will be at the expense of a new issue of shares of the Enterprise.