Today.Az » Business » Azerbaijan privatizes public enterprise
10 June 2011 [18:11] - Today.Az
LLC Azkabel has become the winner of an investment competition to sell 87.59 percent of its shares of JSC Azerkabel, a company which is engaged in the production of cable products for household and technical direction, the State Property Committee said.
"The investment competition participants should fulfill a number of conditions, one of which envisages submitting an investment program, which must include the purchase and installation of advanced equipment to produce high quality cable products, repair and rehabilitation of equipment currently existing at the plant, repair work inside the enterprise, creation of new jobs, and payment of the enterprise’s debts to banks," the committee said.
Under the conditions of the competition, the winner assumed an obligation to pay 300,000 manat to the state budget.
In addition, under the investment program submitted by the LLC Azkabel, the company will invest 400,000 manat in conducting work for the development of the privatized enterprise during the year.
After restoring the enterprise’s production activity the production of 10 kinds of KG rubber cables of various sizes will be ensured. The opening of about 20 new jobs during the investing period is also possible.
JSC Azerkabel is located in the city of Mingachevir, where the enterprise began operation in 1957. JSC Azerkabel employs roughly 108 people.
As of April 1, 2011, the company’s commitments amounted to 2.679 billion manat. The enterprise’s accounts receivable has reached 857,955 manat, and its authorized capital has reached 868,904 manat with par value of two manat each.
/Trend/
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