The company Monolit-D Ltd has invested in the modernization of production and the improvement of the buildings and facilities of the Siyazan broiler factory AZN 37 million, instead of 16.2 million manat envisaged by the investment program from 2010. However, investing on the development of JSC Siyezen-Broiler continues, said a spokesman for the company Shafayat Hasanov.
The investment program was completed last year, after which shares 99.17% stake in the factory became the property of the firm. The audit established investment of 29 million manat in the production. A new hatchery was opened at 28 million birds a year. And by the end of this year will be commissioned slaughterhouse capacity 8000 birds per hour.
Currently JSC Siyezen-Broiler is the largest broiler farming in Azerbaijan on number of workers - about 1500 people. Average monthly wage in the factory is 450 manat, chief economist of the JSC Azad Hasanov said.
In 2005-2006, the shares of JSC Siyezen-Broiler were taken from the Lebanese company Ruby Rose Group SARL in court, which came to the International Court of Arbitration.
According to the chairman of a company Oktay Huseynov, the company still has not got rid of the negative financial legacy: the Lebanese owed to local banks (Bank of Baku, DemirBank, Bank Technique, AGBank, and IBA) 5.5 million at high commercial interest. In addition, their control period was not paid 1.5 million manat on compulsory social insurance. Creditor debts reached 9 million manat. The board of the JSC factory explains with this the losses as of June 1, 2014, totaling 4.226 million manat.
In addition, the factory say that the production is not profitable - only 2013 losses amounted to 1.11 million manat.
The authorized capital of JSC Siyezen-Broiler is 16,737,252 manats. For the acquisition of 99.17% of its shares the company Monolit-D Ltd paid to the state budget 2.4 million manat.
It is noteworthy that the company Ruby Rose Group SARL still remains among the 77 shareholders of the factory with a share of 0.67% (28 314) shares. - 08B-
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