Dashkesan Mining Plant Needs Investment of 600 Million Manat

The State Committee for Property Affairs of Azerbaijan has announced an investment competition for sale of 99.22% of the shares (527,447 shares) of JSC Daskesan Filizsaflasdirma, created on the basis of the Dashkesan ore-dressing plant.

Applicants must submit an investment program that reflects the creation of the production chain from iron ore concentrate to the final products of ferrous metals (angles, channels, steel bars, etc.). The volume of investments must be not less than 600 million manat, which must be invested within 3 years. The investor has to open at least 1,000 new jobs.

Applicants for the privatization of the enterprise should submit a proposal to transfer to the state budget not less than AZN 110 million. To confirm the seriousness of their intention the challengers have to transfer AZN 10 million to the deposit account of the State Property Committee (SCP) in CBA.

According to the terms of the competition, the winner will repay the debts on wages totaling 652 thousand manat, 4 million 555.5 thousand manat to the state budget and 2 million 32.8 thousand manat to SCP, stipulated by the contract with SCP. The SCP consultant for the privatization of the JSC will receive 160,000 manat from the investor.

Assessment of the investment proposals is scheduled for December 20.

Members of the workforce own 0.78% of the shares. The JSC's charter capital is 1 million 63.1 thousand manat.

The company has operated since 1954. 316 people work there today.

As of November 1, the obligations of Daskesan Filizsaflasdirma made up 16.6 million manat and its accounts receivable were 3.5 million manat.   ----08D