Approved the charter and structure of JSC Azerbaijan Polad Istehsali Kompleksi

The Cabinet approved on April 30 (Resolution number 117) the charter and structure JSC Azerbaijan Polad Istehsali Kompleksi (APIK), one year after the establishment of the State Steel Company by President Ilham Aliyev.

Authorized capital is set at 2 million manat. It is payable from the state budget for this year. There have been issued 2 million common book-entry shares, which have not yet passed the state registration. All shares are retained by the state.

The JSC unit will be located in the Binagadi district of Baku (Ataturk Avenue, 57C). Its structure includes also a single legal entity (JSC Dashkesan Filizsaflashdirma), which operates an iron ore deposit in the Dashkesan region. Later JSC may establish management offices and branches. JSC Board consists of four people who are appointed by the President. Powers of reorganization and liquidation of the company also belong to the President.

JSC task is design, construction and management of complex steel production, covering all phases of the production of iron ore to steel smelting. The British company Det.Al Limited intended to invest $ 350 million in the project, but the plans were not realized fully and the government terminated the contract with it over about 99 % of the shares of the Dashkesan mining plant. The authorized capital of the JSC is 1,063,100 manat.

Intriguing is that Baku Steel Company also intended to build similar cycle businesses to the tune of 1 billion euros in Ganja, and it has not stated on the refusal to hold a competition with the state yet. Recently, the Ministry of Economy and Industry signed an agreement with Marubeni Corporation (Japan) for the design and further work to ensure activities of JSC APIK.

Note that on the charter the Chairman of the Board of JSC APIK is allowed to set up joint ventures "for organizing its activities». - 08D-

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