Baku / 10.22.18 / Turan: The State Committee for Property Affairs (SCPA) has begun the process of privatization of Baku Oil Engineering Plant OJSC, one of the leading enterprises of Azerbaijan"s oil engineering industry, producing fountain valves, drilling robots and valves.
The first opportunity to acquire shares of the JSC is given to its employees. SCPA announced the sale of its 15% stake (1 million 207.5 thousand units) https://goo.gl/1Pdx8d. The placement of shares will take place from November 13 to December 7. The number of persons with preferential right to purchase shares is not reported. The company employs about 150 people. However, this right is also granted to persons who worked at this plant until 1995 and retired. Thus, in order to fully acquire the shares of the JSC, its employees are required to pay 2 million 415 thousand manat or 1.4 million US dollars.
In total, according to the SCPA decision on the transformation of the subsidiary OJSC Baku Oil Engineering Plant under OJSC Azneftekhimmash into the eponymous independent JSC, dated September 25 of this year, 8 million 50 thousand shares were issued. The authorized capital of the company increased by 3.5 million manat - to 16.1 million manat.
A subsidiary of the Baku Oil Engineering Plant was formed in 2010 by merging two machine-building plants of Azneftekhimmash OJSC. The company https://goo.gl/U7HKNg is located in the village of Zabrat, Sabunchu district of Baku, and occupies 18.6 hectares of territory. The area of the plant is 75 thousand square meters.
According to the decision of the Cabinet of Ministers of 2016, all industrial enterprises of Azneftekhimmash OJSC are subject to privatization by the method of investment tenders. -----08B--
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