AzEuroTel given to Baku Telephone Communications
Azerbaijan, Baku, June 1 / Trend H. Valiyev /
AzEuroTel has entirely been given to the Baku Telephone Communications production association.
According to the information, the operator has recently faced financial and economic difficulties.
As a result, the company's debt has significantly increased. The company lost its commercial attractiveness for investors.
Despite the fact that the operator was open to privatization, the process was not held.
Taking into account that a foreign investor - Lukoil Europe - ceased its activity recently, it abandoned its stake in AzEuroTel.
According to the existing legislation, the ministry took the necessary steps to renew the enterprise and ensure the further activity of the operator, by changing the legal form of the company and delivering it to Baku Telephone Communications.
Azeurotel CEO Jabit Rasulov was appointed the head of the company. He replaced AzEuroTel former head Nuru Ahmadov.
Rasulov told Trend earlier that AzEuroTel was reorganized into a LLC from May 11 based on LukOilEurope's letter to the committee.
AzEuroTel was founded in 1995 by LUKoilEuropeltd (UK) (50 percent) and the Azerbaijani Communications Ministry (50 percent).
According to the ministry, the cost of 50-percent-share capital, owned by the ministry, is $50,000.