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  • Updated 22.10.2021 11:30
  • Created 21.10.2021 10:00

Investment tender to privatize Azertutun OJSC announced

 

The State Service for Property Issues under the Ministry of Economy has announced an investment tender for the privatization of Azertutun Open Joint Stock Company (OJSC) in accordance with the “Second State Program for Privatization of State Property in the Republic of Azerbaijan” and the “Investment Competition Rules”.

At the investment tender for the privatization of Azertutun OJSC located in the village of Yukhari Tala, Zagatala region, 8,640,732 shares with a total nominal value of AZN 17,281,464 have been put up for sale. The Company has liabilities of AZN 1,644,616 and accounts receivable of AZN 63,360. To participate in an investment tender for the privatization of this enterprise, bidders must submit an investment program for a total amount of at least AZN 8,000,000 indicating the direction, amount and duration of investments, and make proposals for the creation of new jobs, the use of modern technologies in the production process, and the expansion of the range of products.

The winner of the tender must ensure transfer of at least AZN 6.3 million to the state budget for the purchase of shares in the joint-stock company.

The winner of the investment tender must sign a contract for the purchase and sale of shares of the joint-stock company within 30 days from the date of approval of the protocol on the results, transfer the proposed funds to the state budget within 30 days from the date of signing and, in general, fulfill the terms and obligations established by the contract.

Foreign investors can participate in the tender in addition to legal entities and individuals of the Republic of Azerbaijan.

The state property put up for the investment tender can be found at the following link: https://bit.ly/3lICGrF 

Bidders’ applications and proposals will be accepted until November 17, 2021 on weekdays from 10:00am to 05:30pm at the State Service for Property Issues (Address: 50 Y.Safarov St., Baku).

Bids will be evaluated by a Commission in the administrative building of the State Service for Property Issues under the Ministry of Economy on November 18, 2021 starting from 11:30am.

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