Azerbaijan defines new mechanisms for privatization vouchers

Azerbaijan identified new mechanisms to ensure participation in the privatization process after the voucher validity period expires on Dec. 31, the Azerbaijani State Committee for Property Issues reported.

Based on the presidential decree on amendments and additions to decrees on state property privatization in Azerbaijan dated June 22, the new mechanisms will ensure the people's participation in the privatization process after the validity period for using vouchers expires, the committee said.

These changes include the preferential sale of shares in joint stock companies and specialized voucher auctions, as well as the privatization of small enterprises.

The privatization shares (one share is four vouchers) were issued in Azerbaijan in January 1996 in two phases. The population received 31.9 million privatization vouchers. In accordance with Azerbaijani legislation, every citizen born before Jan. 1, 2007 received four vouchers for free.

Nearly 25.5 million vouchers, representing 80% of the vouchers in circulation, have been written off during the period of privatization.

The maturity period has been extended several times to ensure the greater use of the vouchers (until Jan. 1, 2002, July 1, 2004, and Jan. 1, 2008, and the last time on Dec. 31).

The cost of one privatization voucher on the black market is five manat. During the reporting period, the maximum cost of each unit does not exceed 85 manat.


/Trend/