Baku, Azerbaijan, April 24
By Azad Hasanli – Trend:
Azerbaijan's Azersun Holding has launched preparatory work for the Initial Public Offering (IPO), a source in the country's financial market told Trend on April 24.
Presently, the holding is studying current situation on the stock market and simultaneously negotiates with profile structures, according to the source.
The source clarified that at this stage the matter is to sell the shares of the Azerbaijan Sugar Production Association, which belongs to the holding, within the country.
Earlier, Azersun Holding's Director General Savas Uzan told Trend that the holding seeks to sell part of its shares at the London Stock Exchange. Then, the holding planned to sell about 30-40 percent of the production association.
The main asset of the Azerbaijan Sugar Production Association is the Imishli sugar factory, built in 2006. The plant can process up to 5,000 tons of sugar beet and produce 1,800 tons of sugar daily. The approximate cost of the plant is $300 million.
Azersun Holding LLC was established in 1992. The holding’s activities cover processing and packing of tea and vegetable oil, trade and distribution, construction, production of cardboard and paper products, production of canned meat and vegetables, transportation and storage of goods.
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