Unicapital JSC announced the auctioning of 87.5% (380,520 units) of Azerkabel (Mingachevir cable plant) shares. The starting price of the shares is equal to their nominal value - two AZN.
The auction will take place at the Baku Stock Exchange on December 14.
The ownership of the shares is not reported.
This stake of Azerkabel was sold through an investment contest in the first half of 2011. Azerkabel Ltd was announced the winner. In 2012, the LLC received a multimillion-dollar loan from NIKoil Bank, secured by 87.5% of the shares.
Azerkabel at the time of the privatization had 16.2 hectares of land at its disposal. In 2013, 14.5 hectares of land were sold to reimburse the bank debts. However, the debts on loans were repaid not completely. Trials upon the sale of land under the claim of the minority shareholders of Azerkabel continue.
The company is currently idle. ----08B
Economics
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