JSC Garnet draws from the market about 3.2 million manat

Baku/30.12.13/Turan : JSC Garnet, producer of dairy products and fruit juices in Goychay area, announced the release of 1,598,000 shares with par value of AZN 2 each. The company intends to raise finance from the capital market, roughly equal to its accounts receivable as of the 30th of November this year (3,381,530.13 manat ) .

The State Committee for Securities registered the December 28th issue of shares, according to the prospectus that the company plans to place up to the end of December 2014. Meanwhile the existing shareholders (two individuals) have kept the right of superiority on the acquisition of shares issued.

JSC Garnet was established in 2006. Paid up share capital is 4,000 manat. Shares equally share Mustafa Badalov and Movsum Shyhyev.

JSC Garnet enjoys manufacturing facilities privatized in 1998 JSC Goycay-Sud ( Geokchay former dairy factory). Shareholders of Goycay-Sud consist of 14 individuals and LLC Milk-Pro. The authorized capital of JSC Goycay-Sud is over 800 thousand manats.

In addition to dairy products and fruit juices under the brand names Sevimli Dad, Sonti, 4U and Garnet, JSC Garnet also produces glass containers. Equipment for the company is delivered from Italy, Sweden and other countries. -08D-