Azerbaijan, Baku, April 21 / Trend A. Akhundov /
The Azerbaijani State Property Committee has announced an investment contest for the sale of 90.3 per cent stake of the Bakı Kondisioneri air conditioner plant, the Mulkiyyet newspaper published by the committee reports on Saturday.
The contest is open to Azerbaijani physical and legal entities and foreign investors.
The applicants must submit an investment program with proposals to use new technologies, expand the range of products and create new jobs.
Applicants must also submit a bank guarantee of five per cent of the value of the investment proposals and plans to transfer 950,000 manat to the state budget.
Each applicant must provide a letter of guarantee of any bank to the amount of 300,000 manat to ensure serious intention.
The authorised capital is 1.926 million manat as of April 1, to which 963,000 shares with a total nominal value of two manat each have been issued. The subject of the contest is 869,600 shares with a total nominal value of 1.739 million manat.
The enterprise has debts amounting to 4.22 million manat. Debts for work, raw materials and services amounted to 154,100 manat, arrears of wages stand at 890,000 manat.
The enterprise has been operating since 1975. Some 450 people work there.
Applicants can review the requirements of the contest, privatisation plans and get more information between 10:00 until 17.00 till June 3, 2013 at the address: 20, Y. Safarov st., Baku. Documents and proposals are accepted from 10:00 to 17:30 till June 3, 2013.
Proposals will be reviewed by the contest commission at the building of the State Committee on June 5, 2013 from 15:00.
On April 21, the official exchange rate is 0.7847 manat to $1.
