CJSC Aqrarkredit Puts up for Sale Three Property Items Related to International Bank of Azerbaijan

The Non-Banking Credit Organization CJSC Aqrarkredit has presented a list of three properties pledged with the International Bank of Azerbaijan under a loan. The loan was not repaid on time, so the competitive commission put them up for sale by public auction.

As the responsible person in Aqrarkredit on the objects put up for auction Shamshir Gurbanov said, the evaluation of these facilities has not been completed and the timing of their nomination at the auction is to be determined.

One of the objects (a plant for the production of cement and concrete and a quarry for production of sand and crushed stone) located in Georgia (Tbilisi). Also offered to investors will be a meat and dairy factory in the Sheki region and an enterprise for growing grapes and wine in the Novkhani settlement of the Absheron district.

The decision on the sale of the pledged object has been accepted by the government in July this year. CJSC Aqrarkredit has selected several appraisal firms (PricewaterhouseCoopers Azerbaijan, Deloitte Azerbaijan, Ernst & Young Azerbaijan, RSM Azerbaijan, BDO Azerbaijan, LLC Koneko Group, Nexia EA, Real Prays and VETO Consulting).

The organizers of the auction will be three companies.

At the disposal of CJSC Aqrarkredit there are many objects that were pledged for loans from IBA. IBA gave Aqrarkredit assets totaling over 5.6 billion manat for management.  ----08D