TODAY.AZ / Business

Hotel "Azerbaijan" to be invested

11 May 2006 [08:16] - TODAY.AZ
State Committee on State Property Management has declared investment competition for selling 99,83% (including 14,83% remaining after privileged sales to employees) of Hotel Azerbaijan OJSC stocks.

As APA reports, not only local but also foreign investors may participate in competition. Participant who offers more investment taking the obligation of its efficient use will be declared winner in the terms of certain conditions.

Nominal capital of this OJSC with 5154,8 square metres area and specialized in hotel and catering services was AZN4 332 084 for April, 1. Besides, the number of named shares was 2 166 042, nominal value per share was AZN2, the number of shares in investment competition was 2 162 307 and their total nominal values were AZN4 324 614.

Since 1974, Hotel Azerbaijan OJSC has no shares in other companies and does not obtain non-material assets. It has 121 employees and its total obligations are AZN2,624 million as well as debts for salary and similar payments are AZN197 thousand, for goods, business and service are AZN1485,8 million and debtor duties are AZN482,7 thousand.

Those companies participating in competition must introduce their Investment Programs meeting international standards on hotel business development as well as containing items of proposals below and that show their investment targets, amounts and durations: organization of hotel business services meeting international standards; new employment opportunities and employers' social security issues; transferring 5% of total investment amount into hotel's account in use during 30 working days after the date of purchase and sales contract on OJSC shares; taking the responsibility of transferring AZM21 billion or AZN4,2 million into state budget; taking the responsibility of giving required number of vouchers (not less than 50 thousand) to State Committee on State Property for write-off.

Foreign investors must submit privatization options besides vouchers.
Candidates must submit their applications and proposals to State Committee on State Property by June, 5. Evaluation of papers will start by June, 8.


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