AIC Leaves Dairy Plant

The state-run Azerbaijan Investment Company (AIC) conducts an audit of the financial activities of LLC Milk-Pro, which there may be followed by its getting rid of 20% of the asset in the capital of the dairy company.

The other day AIC signed a contract for the provision of audit services (LLC LB Audit Khidmeti) in the amount of 16 000 manat. The list of tasks for the auditor also includes consideration of the models and probability of depreciation of LLC Milk-Pro, says the state registry of commercial contracts.

According to AIC, its investment in the construction of a new dairy plant LLC Milk-Pro in 2008-2012 amounted to $ 12 million 230 thousand. Total investment in the new plant was estimated at $ 27 million.

AIC entered the capital of LLC Milk-Pro in 2007, receiving 20% of the interest. The shareholders also include the European Bank for Reconstruction and Development - 10%. The remaining 70% is owned by local investors.

Milk-Pro was founded in 1991 as a manufacturer of dairy products of bacteriological profile. Since 1994, it has mastered the production of dairy products in general.

As part of the company, 3 milk processing plants and 2 fruit processing plants operate. The company also owns a network of branded stores Sevimli Dad.

AIC does not disclose its financial statements, and therefore we do not know whether over the past 7 years it had benefit from its 20% equity interest in LLC Milk-Pro. -- 08B