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Azerbaijan announces investment tender for privatization of tire maker

10 December 2008 09:51 (UTC +04:00)

Baku. Rashad Suleymanov - APA-Economics. Azerbaijan State Property Management Committee has announced an investment tender to sell the 96.98% stake in Azershin Open Joint Stock Company (85% + 11.98% remaining after the discounted sales to the employees).
The competition is open to both local and foreign investors.
The priority will be given to investors with the highest bid for investment and best undertakings for their efficient investment of capital.
The companyâ€™s authorized capital stood at AZN 1 788 628, the number issued shares 894 314, face value per share AZN 2 and the issue is book-entry ordinary stocks.
867 309 stocks worth AZN 1 734 618 were offered for sale.
The plantâ€™s capacity is 1.5 million tyres a year.
The companyâ€™s liabilities were AZN 5 658 585.29, including AZN 5 456 851.29 for salary and payments of the same status, AZN 5 456 851.29 for supply, works and services and the receivables are AZN 2 452 270.01.
The deadline for application and bidding is Jan. 7. The bids will be assessed from Jan. 9.