Garadag Glass signes contract for production of 30m glass containers

ASK Glass, which used to be under Azerbaijan Industrial Corporation, became Garadagh Glass Joint Stock Company for the purpose of further privatization, Azernews reports citing Head of the Privatization Department of the State Service on Property Issues under the Azerbaijani Ministry of Economy Aziz Mirzayev.

According to him, 85 percent of the company's shares will be put up for investment competition.

"Currently, a privatization commission has been set up, which is involved in preparing a draft investment competition and determining its amount and conditions. After all these procedures are completed, the competition will be announced. Thus, the independent auditor determined the charter capital of the new joint-stock company as AZN36m ($21m). Some 15 percent of the company's shares will be offered to employees of the joint-stock company on preferential terms,” Aziz Mirzayev said.

Aziz Mirzayev also noted that Garadag Glass signed a contract for the production of 30m glass containers in 2023 and the company produces glass containers for various purposes for different companies, including Aznar, AzGranata, Sirab, Azersun, Badamli.

"The enterprise can process 120 tons of glass per day, and annual production is 80-100 million bottles. The company has installed Italian and Czech equipment. Last year, the joint-stock company signed an agreement with Coca-Cola company on the production of glass bottles,” he added.