BAKU, Azerbaijan, Dec. 4
By Nazrin Israfilova – Trend:
An investment tender has been announced for the privatization of Sumgayit Construction Service OJSC, Trend reports citing the Ministry of Economy of Azerbaijan.
According to the information, the State Property Service under the Ministry announced a tender for the sale of 99.91 percent of the enterprise's shares in accordance with the "II State Program of Privatization of State Property in the Republic of Azerbaijan" and "Investment Competition Rules".
It is reported that 129,799 shares with a total par value of 259,598 manats ($152,749) were offered for sale within the investment competition for the privatization of Sumgayit Construction Service OJSC located at 55A Kimyachilar Street in Sumgayit city.
It is noted that the company has obligations in the amount of 79,021 manats ($46,496).
To participate in an investment competition for the privatization of an enterprise, bidders must submit an investment program for a total amount of at least 1.2 million manats ($706,089) indicating the direction, amount and term of investment, as well as submit proposals for creating new jobs, applying modern technologies in the production process, expanding range of products.
Also, the winner of the tender must ensure that at least 800,000 manats ($470,726) is transferred to the state budget for the purchase of shares in the joint-stock company.
In addition, the applicant must pay 400,000 manats ($235,363) in installments, guaranteeing compliance with the terms of the competition.
The winner of the tender must sign a sale and purchase agreement for the shares of the joint-stock company within 30 days from the date of approval of the protocol on the results, transfer money to the state budget within 60 days from the date of signing.
Along with the citizens of Azerbaijan, foreign investors can also participate in the competition.
Applications and proposals will be accepted until January 11, 2022 on weekdays from 10:00 to 17:30 (GMT+4) at the State Property Service under the Ministry of Economy at the address Baku, Y. Safarov street, 50.
The evaluation of bids by the commission will be carried out in the administrative building of the Civil Service on January 12, 2022 from 11:00 (GMT+4).