Azerbaijan, Baku, April 30 / Trend N.Ismayilova /
The Azerbaijani State Committee on Property Issues has announced an investment competition for sale of 87.59 percent shares of Azerkabel producing technical and consumer cable, the Committee reported on Saturday.
The competition is open to Azerbaijani individuals and legal entities and foreign investors.
Applicants must submit an investment program with proposals to introduce new and necessary technologies, increase range of products, repair the existing equipment and open new jobs , as well as to submit a bank guarantee for five percent. Applicants must submit offers to transfer 300,000 manat to the state budget.
The company is located in the H. Aliyev Avenue, 65 in Mingechevir.
The enterprise's authorized capital is 868,904 manat with 434,452 shares. The face value of each share is two manat. A total of 380,520 shares with a total face value of 761,040 manat have been put on tender.
As of April 1, 2011, the company's debts hit 2.68 million manat, including debts to pay for raw materials, rendered services and work at 2.614 million manat, bank loans at 1.23 million manat and debts to pay wages at 5,250 manat.
The enterprise's accounts receivable hit 857,950. The enterprise has been operating since 1957.
Applicants may learn more about the conditions at 20 Y. Safarov St. in Baku, at 10 am-5:30pm until May 31, 2011. Documents and proposals must be submitted at 10 am-5:30pm until May 31, 2011.
The proposals will be considered by the Committee's contest commission from 3 pm June 2, 2011.
The official exchange rate is 0.7916 manat to $1 on April 30.