Azerbaijan, Baku / Trend corr I. Khalilova / The Azerbaijani State Committee on State Property Management has put 99.31% of the shares of the Mingechevir Textile Factory OJSC into an investment competition.
The assessment of the competition proposals will be held on the 18th of July. The applicants will have the oppertunity to become familiar with the privatization plan and submit their applications by the 16th of July.
The package of proposals should include an investment program providing arrangements aimed at the organization of production of premium quality cotton fabric. The proposal should concern the transfer of AZN 750,000 to the public budget and the transmission of 30,000 privatization options to the State Committee. The applicants have to submit a letter of guarantee from any bank at AZN 250,000 in order to prove their sincerity.
The authorized capital of the Mingechevir Textile Factory made up AZN 1,376,000 for the 1st of June, 2007. The enterprise was put into operation in 1960. The number of employees comprises of 781. The obligations of the OJSC account to AZN 755 ,78 , with AZN 310,640 being debts for goods, services, and operation and AZN 169,044 being debts for salaries. The accounts receivables of the enterprise make up AZN 2,958,000.
