Labor collective acquired 0.66 % stake in JSC Azersenayetikinti

Personnel of joint-stock companies accrue no more than 1 out of 15 percent of shares offered to them. No exception is made for ??the team once known throughout the country of the former state-owned company Azersenayetikinti (Azerpromstroy), whose members have acquired only 0.66 % of its shares.

Preferential sale of 15 % (6,334 units) of shares Azersenayetikinti was held for 25 days and ended on September 5. In compliance with the law, the results of the sale shall be made public within two weeks. The State Committee on Property (SCP) has published a report on the results of preferential sale on September 28th. The purchase of the shares was attended by all 20 employees of the JSC, which submitted a privatization commission a total of 280 manat, instead of the required 12,668 manat.

The spokesman for SCP Gulu Khalilov told Turan that the committee members are to raise awareness in joint-stock companies, whose shares are offered to members of labor collectives. "But we have no right to force them to complete the acquisition of a 15% stake," he said.

Typically, SCP exposes unrealized portion of the 15 % share in one package to the cash auction. Often, this package adds a 30 % stake, intended for the cash auction. Often, these actions appear to specialized cash auctions.

JSC Azersenayetikinti was created in December 1998 and 100% of its shares were retained by the state. In April 2010, President Ilham Aliyev ordered the transfer of businesses of the actually paralyzed JSC for privatization. Currently, the stock includes its central office in Baku and one construction unit. The authorized capital of JSC Azersenayetikinti is 84,450 manat. - 08D-