Azerbaijan, Baku, 13 April / Trend A.Akhundov /
The State Committee for Property Affairs of Azerbaijan has announced an investment tender for the sale of 97.39 percent of the shares of the Sumgait Tube-Rolling Mill (Azerboru JSC), according to a report published on Saturday in the Mulkiyyet newspaper.
According to the report, the tender is open to individuals and legal entities from Azerbaijan and foreign investors.
Applicants must submit an investment program with proposals on the application of new technologies, expanding the range of products, creation of new jobs.
They also have to present proposals for the transfer of five percent of the value of the investment proposal for the company's account and transfer of 14 million manat to the state budget. The applicant must submit a letter of guarantee by any bank for the amount of one million manat to confirm the seriousness of intentions.
Azerboru JSC's authorized capital was 3.517 million manat as of March 1, 2013, which produced 1.759 million shares at par value of two manat each. The tender subject is 1,713 million shares with total nominal value of 3,426 million manat.
The company has debts amounting to 31.526 million manat, including arrears of wages in the amount of 0.39 million manat. Debts for raw materials, works and services amounted to 8.93 million manat.
The company has been operating since 1949. The number of its employees totals 1,354 people.
Applicants may obtain additional information about the investment tender and get acquainted with the privatization plan from 10 am to 17 pm until May 13, 2013 at the following address: Baku, 20 Y.Safarov str. Documents and proposals are accepted from 10 am to 17 pm until May 13, 2013.
Proposals will be reviewed by the commission at the State Committee on May 15.
The official exchange rate on April 13 is 0.7845 AZN / USD.
