"MKT Istehsalat Kommersiya" cotton plant acquired shares for a song

The State Committee on Property (SCP) announced "MKT Istehsalat Kommersiya Ltd" winner of the investment competition for sale of 30.34% of shares of "Beyleqan-Pambiq". It should be expected that a company owned by the family oligarch Kamaladdin Heydarov privatize this method 30% interests of the state in the remaining 13 years of cotton companies in the country in which it has a controlling interest.

According to the published post by the SCP Tender Committee, two contenders participated in the contest. The names of the competitors, as in previous contests, were not disclosed. With Azerbaijan, where virtually no government control over the privatization process, the participation of these dummy bidders formal nature, the result of privatization is evident prior to the event: Turan predicted the result of this competition at the moment of its announcement - in December last year.

The report by SCP noted that over 30.34% of the shares "Beyleqan-Pambiq" LLC "MKT Istehsalat Kommersiya" shall transfer to the state budget 40 000 manats. This is 15.6% of their par value - 255,000 manat. The company also has made a commitment to invest in the improvement of the processing plant 250,000 manat. These funds will be used for the purchase and installation of equipment. The enterprise will be dug 20 new jobs.

Note that a few years ago, "MKT Istehsalat ve Kommersiya" acquired the same 30% of the shares of "Sumqayit Xovlu iplik" (Sumgayit factory bulky yarn). Subsequently, these shares are now owned by the company, but the company has not worked.

  Since 2008, Azerbaijan has been using a new method of privatization is not sold at cash auctions 30% stakes in JSC. Typically, this is a smooth transition from the state shares to the private sector at a lower share price. On cash auctions shares offered from 100 to 50% of par.

Note that the company "MKT Istehsalat Kommersiya" has created a limited liability company in the privatized their cotton plants that work together on the basis of service contracts. Company receives a fee for the processing of raw cotton and the owner of the final product (cotton, seeds and other waste products) is a subsidiary company "MKT Istehsalat Kommersiya". This board is barely enough to cover the operating costs of the plant. For example, the share capital of JSC "Beyleqan-Pambiq" is 840 700 manats. The liabilities as of 1 October 2012 reached 690,000 manat. 08B

 

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