AIC Preparing to Sell Share in Company

The state-run Azerbaijan Investment Company (AIC) is preparing to sell a stake in a company. The company’s name is not yet known.

AIC recently signed an agreement with the company Baker Tilly Azerbaijan on the valuation of its equity participation in a company. The contract is valued at 9,440 manats. The timing of execution of the contract has not been reported.

Note that capital of AIC (160 million AZN) was formed at the expense of the State Oil Fund. The company invests in the development of non-oil economy. Until now, the company has invested in the implementation of about 10 projects, and in two of them (the Sangachal oil and gas terminal and the iodized salt plant in Masazir) the stake was sold to its co-sponsors (subsidiaries of LLC Azersun Holding).

Recall that earlier this year AIC audited the financial activity of LLC Milk-Pro, in which it has a 20% interest. The investments of AIC in the construction of a new dairy plant LLC Milk-Pro in 2008-2012 amounted to $ 12 million 230 thousand.

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

In 2008-2009 AIC also entered the capital of JSC Holcim (Azerbaijan), paying 13.7 million manats (10%) and JSC Saba - more than 12 million manats (25%). -----08B