State Committee for Property Affairs has announced LLC Baku Steel Company winner of the investment competition for sale of 97.39% of shares of Azerboru. The other participants in the contest have not been reported.
According to the published report by SCP, LLC Baku Steel Company pledged to invest in the company 5,267,000 manats investment. In previous times, when the shares put up for investment competition, the British company Targol Investment planned to invest $ 50 million. The contract with Targol Investment was canceled due to non-compliance.
For the acquisition of shares of Azerboru the company will transfer AZN 14 million to the state budget within 240 days. For four months after the conclusion of the contract for the sale LLC Baku Steel Company is to repay debts on wages and similar employee benefits for a total of 390 thousand manats.
LLC Baku Steel Company announced in April this year that it concluded agreements with foreign companies for the organization of production at the plant of 1.8 million tons per year.
As of the 1st of March this year the creditor debts of Azerboru are 31.5 million manat. The enterprise should be paid AZN 1.6 million.
JSC Azerboru was established on the basis of Sumgait Pipe Plant in the early 2000s.
The company, a capacity of 700 thousand tons of steel pipes per year, effective from 1949. On the areas and the number of workers it was the largest in the country during the Soviet period. Today the company is listed as 1,354 people. 08B
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