Celilabad-Sharab JSC offered to investors on old conditions

The State Property Committee has invited another investment auction to sell 99.97% shares of Celilabad-Sharab joint stock company (JSC). The wine-making plant that stands idle is offered to the investors since 2010 and is put to the investment auction on almost the same conditions every year.

In order to buy shares with face value over 3 million AZN, the bidders must submit the investment program and the proposal on transfer of at least 0.5 million AZN to the state budget.  The winner of the auction must repay debts to the employees of the plant worth over 30,000 AZN.

Several years ago Celilabad-Sharab-2 JSC was privatized the same way in Jalilabad region. The plant has its own plantations and makes finished products. Celilabad-Sharab-1 JSC has been also privatized. But its property has been fully dismantled and land privatized by some person on suspicious conditions.

Despite the law, the State Property Committee does not release information about the land and facilities of the enterprise that are put to the investment auction.

Celilabad-Sharab JSC is located in Jalilabad region on the Jalilabad-Baku highway.

The authorized capital of JSC is 3,062,800 AZN. The face value of one share is 4 AZN.

By June 1, 2013 the JSC has obligations worth 473,000 AZN. The plant was put into operation in 1981-1983.—0—