Controlling stake in JSC Azerneqliyyatyoltikinti put up for investment competition

State Committee on Property Investment Competition put 65.66% of shares of Azerneqliyyatyoltikinti on investment contest. Controlling stake offered to investors, 10 years after the sale of 34.34% of the shares in the voucher auction or private subscription among the members of the personnel, the almost complete failure once the country's largest construction company, which was led by Vice Prime Minister Abid Sharifov.

A condition to the applicants is to restore the activity of. In this case, participants must submit a proposal for the transfer to the state budget of at least 2.33 million manat. This is 60% of the nominal value of the shares offered to investors.

On 1st April 2013 the obligation of Azerneqliyyatyoltikinti is more than 1 million manat. The winner of the contest in addition to the implementation of investment commitments must repay within 90 days of arrears of wages and similar payments to employees for a total of 163.6 thousand manats. It is noteworthy that the accounts receivable of the JSC exceed its credit debts of 600 million manat.

Entries will be accepted until July 1 of this year. Currently, shares of Azerneqliyyatyoltikinti with face value of AZN 2 are offered on the market at 0.40 manat.

JSC Azerneqliyyatyoltikinti was opened for privatization in 1999 presidential decree providing for the de-monopolization of the building complex, while maintaining the state's share of some construction companies. In parallel, were put up for privatization of stakes in state-owned companies Azerenerjitikintiqurasdirma, Azerkendtikinti etc. However, after the sale of a minor stake in the privatization of these companies has been stopped. This led to the fact that these companies actually stayed out of the housing boom and execution of public contracts. Material and technical base of these companies remains at 1990. - 08D-