Azerbaijan, Baku / corr Trend I.Khalilova / The State Committee on State Property Management of Azerbaijan Republic announced the privatization of shares in the Mingechevir Glass Fiber Joint-stock Company. 99.78% of the company's stock will be privatized through an investment tender.
12.78% of the stock has been invested for the staff of The State Committee on State Property Management of Azerbaijan Republic.
The deadline for submission of the applications is 27 June and the successful tender will be selected on 29 June. The proposals must also include an investment program to organize the introduction of modern standards into industrial production. During selection, priority will be given to the investor with advanced experience in the production of fiberglass and chemical products. The investor is committed to transfer AZN 300,000 to the public budget and 15,000 privatization options to the State Committee.
The State Committee reported that the investor must be committed to present a bank guarantee in the amount of AZN 100,000. The investment program should reflect the volume and direction of investments required for manufacturing high quality fiberglass and different chemical products.
As per 1 May 2007, the authorized capital of the enterprise amounted to AZN 494,780, liabilities AZN 278,378 and debts AZN 263,042. The total amount of stock issuance is 247,390 shares each with the cost of AZN 2.
Mingechevir Glass Fiber Joint-stock Company was created in 1965. The enterprise employs 193 people.