Azerbaijan announces tender on sale of shares of glass fiber enterprise

The Azerbaijani State Committee on Property has announced an investment contest for sale of 97.78 percent of shares of the glass fiber enterprise JSC Mingechevir Shushe Lifi, the State Committee said today.

Some 85 percent of the company’s package of shares put for sale falls to a standard package of investment competition, while 12.78 percent remained after the preferential sale of shares to the labor collective.

The competition is open to physical and legal entities of Azerbaijan and foreign investors. Applicants must submit an investment program with proposals for introduction of new technologies, expanding the range of products, opening new jobs.

Applicants must also submit a bank guarantee for 5 percent of the value of the investment proposal, as well as offers to transfer 300,000 manat to the state budget.

JSC Mingechevir Shushe Lifi specializes in the manufacture of glass, glass fabrics and glass materials. The company is located in the city of Mingechevir and was commissioned in 1965.

The authorized capital of the enterprise is 494,780 manat with 247,390 shares. The face value of each share is two manat. A total of 241,888 shares with a total face value of 483,776 manat have been put on tender.

The company's debts hit 651,619 manat as of Dec.1, 2010, including debts to pay wages 10,250 manat, and debts to pay for the purchase of raw materials and rendered services at 641,368 manat. The enterprise’s accounts receivable hit 137,139 manat. Number of workers of the enterprise is 115 people.

Applicants may learn more about the conditions at 20 Y. Safarov St. in Baku, at 10:00-17:00 until March 31, 2011. Documents and proposals must be submitted at 10:00-17:30 until March 31, 2011.

The proposals will be considered by the Committee's contest commission from 15:00 Apr.1, 2010. The official exchange rate is 0.7941 manat to $1 Feb.27.

600450 Azerbaijan announces tender on sale of shares of glass fiber enterprise
Date: 1 March 2011

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