AIC Quietly Leaves One More Project

Azerbaijan Investment Company (AIC) has left the structure of shareholders at LLC Agstafa Agroservice. The deal to sell 25% stake in the company has not been however reported.

On the updated website of the company (www.aic.az) only a year of the deal has been reported. The customer and the sum are kept secret.

Note that the project to create a rural service enterprise with the German company Global Group GmbH (75%) was completed in 2012. Investments in the company totaled $ 5,934,000. Capital investments of AIC were estimated at $ 361.000.

According to the AIC exit strategy from the invested projects, the company can sell its shares by public offering on the stock exchange, to a strategic investor or to other acting shareholders.

Recall that in late 2012 AIC sold 25% stake in two projects - the Sangachal oil and gas terminal and the Masazyr salt factory, where the partner was Ltd. Azersun Holding.

In 2007, AIC acquired a 25% stake in CJSC Sangachal Oil and Gas Terminal and CJSC Azerbaijani Association of Salt Production. Investments in these companies by AIC, according to the company's corporate brochure, amounted to $ 9,000,000 and $ 2,196,000.

AIC was established in March 2006. Its registered capital is 160 million manat. The purpose of creating this company was to promote the development of non-oil sector. At present, the structure of the company's investments is distributed as follows:

JSC Holcim (Azerbaijan) - 14,718,000 euros;

JSC Saba - $ 14, 475,000;

Ltd. Milk Pro - $ 5,375,000;

Ltd. Azerbaijan Shipyard Company - $ 40 million;

JSC Caspian International Investment Company - $ 9,230,000;

Ltd. Azertokhum - $ 4,196,000. --08B-