Property of JSC Azertekrarqarametal (Azervtorchermet) will be laid under mortgage to get a bank loan. The decision was taken at the initiative of LLC Baku Steel Company (BSC), the major shareholder of the company, at the August 25 general meeting of shareholders.
Minority shareholders argue that the general meeting of the board JSC did not inform them of the reasons for making such an important decision. They also were not provided the information about the size and maturity of the loan, the form of its use, and so on. The meeting completed in minutes, and for the decision voted only the representative of LLC Baku Steel Company.
BSC implements in Azerbaijan and abroad several projects in the field of ferrous metallurgy. The company owns over 97% stake in JSC Azerboru. It also controls JSC Baku Steel Construction (formerly JSC Baki Poladtokme) and LLC Khazarboru.
According to the privatization plan (issue prospectus) JSC Azertekrarqarametal has nine points of reception of ferrous scrap in Baku and regions of the country. It was privatized in the early 2000s. BSC owns at least 95% of its shares at a nominal value of about 850 thousand manat.
According to the Ministry of Economy and Industry, the authorized capital of LLC Baku Steel Company in the amount of 36 million manat was formed in 2009 by combining its equity participation in three JSC: Bakelektroqaynaq (839 306, par value per share - 24 manat), Azertekrarqarametal (411 657 pieces, 2 manat) and Baku Oxygen Company (438 194 pieces, 2 manat).
Contrary to the requirements of the law "On Accounting», LLC Baku Steel Company does not publish in print the annual financial statements and does not put them into the corporate website. --08B-
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