For privatization exhibited stake in two cotton mills

Azerbaijan for privatization through investment competition 30% stake in two ginneries. This year, the government offered investors such stakes have four idle ginneries.

The State Committee on Property announced August 23 investment tenders for the sale is not sold on the cash auctions stakes JSC Neftcala-Pambiq and Qarabag-Pambiq. Under the law, these shares for the last time this year at auction for 50% of the nominal.

Applicants must submit an investment program for the reconstruction of the cotton plants. For the acquisition of shares, they must also make a commitment to transfer to the state budget the amount of 70% is not lower than the nominal shares offered.

The controlling shareholder of JSC Neftcala-Pambiq and Qarabag-Pambiq is LLC MKT Istehsalat Kommersiya, which operates 14 of the 21 privatized in Azerbaijan ginneries.

The financial position of these plants is critical. Suffice it to note that the obligations Qarabag-Pambiq (6,869,400 manat) to more than twice its share capital (3,002,700 manat).

In 2013, LLC MKT Istehsalat Kommersiya privatized 30% stake in JSC Beylaqan-Pambiq. This year, investors were offered 30% of the shares in the cotton mills in Agdjabedi, Imishli, Saatli and Bilasuvar regions.

According to the State Statistics Committee, in 2014, the area under cotton in Azerbaijan fell by another 2.6%, and close to a record low - 22 900 ha.

For 7 months of this year ginneries produced 2,971 tons of cotton fiber, which is 63.8% more than in the comparable period of 2013.

In the years 2006-2014 by investment competitions in Azerbaijan there were privatized 65 state-owned enterprises, in which, according to the State Property Committee, there was invested about 600 million. manat. --08B--