Profile of Ganja Confectionery Factory Can Be Changed

The State Committee for Property Affairs of Azerbaijan has once again put up for investment competition 30.03% stake in JSC Genca Qennadi (Ganja confectionery). The investor has the right to determine the profile of activity regardless of relationship of the owners of the remaining 70% stake to that.

Under the terms of the competition for the acquisition of shares of the company in addition to the investment program, the applicants must submit an offer to transfer not less than 550 thousand manat to the state budget in a month.

Investors are invited to 793,926 shares of the total nominal value of about 1.6 million manat. These shares were previously exhibited at the cash auction for 50% of the nominal value. Now the investors are required 31.4% of the nominal value of the shares.

JSC Genca Qennadi was commissioned in 1973. The authorized capital is 5,288,200 manat.

The company employs 53 people. For 3 years the number of employees decreased by 2 times.

Obligations of Genca Qennadi on 1 April 2015 were 567.8 thousand manat. There are no receivable accounts.

According to the State Statistics Committee, in 2013 Ganja produced 62.7 tons of confectionery. The power of the Ganja confectionery factory is 36 thousand tons. According to media reports in Ganja, in 2014 the volume of production amounted to 400 tons, of which 20 tons were exported to Georgia. According to the executive power of the city, in 2014 a milk processing plant was created within the JSC. ----08D