Required New Investor for Baku Telegraph

The State Committee for Property Affairs (SCPA) again put on an investment contest Baku Telegraph, formerly one of the leading enterprises in Azerbaijan. The last time, after the withdrawal of shares from Polton Vencars ltd., they offered it to investors in June 2013, but buyers were not found.

A year has passed, but the terms have not changed prior to the applicants: to purchase shares of the company, investors in addition to the investment program, which will enable the organization to achieve communication services according to international standards, are also required to submit proposals to transfer to the state budget not less than 530 thousand manat.

In June 2006, the State Committee on Property announced the British company the winner of the tender for the sale of 98.8% (884,500 shares) shares of Baku Telegraph, one of the subjects of natural monopoly on the provision of telecommunications services. The company committed to invest $4 million in modernization of the telecommunications company for four years. SCPA usually does not provide the public with information on the implementation of certain commitments by the companies that won the investment competitions. Already in 2012 SCPA reduced the authorized capital of Baku Telegraph by 969,000 manat, and brought it to 821,000 manat. This meant that the results of the previous contest were canceled and the enterprise was governed by the state. It was learned that the investor, in the face of a prominent businessman Iskander Khalilov, had not fulfilled its commitments.

Earlier Baku Telegraph had its own ten-storey building in the center of the city, which was demolished immediately after its privatization. In its place Iskander Khalilov built a five-story luxury office building. Now it flaunts near another real estate owned by Khalilov - Hilton Baku Hotel.

JSC Baku Telegraph continues to work on the profile, but with a small workforce: before privatization more than 30 people worked there, but now they are only 13. The team, as well as equipment and communication devices fit in a 400 m2 area rented from the state Ltd. Azerpocht. Chairman of the board of the company, Hasan Mustafayev refused to comment on the financial and economic position of the enterprise for Turan IA. According to SCPA, Baku Telegraph has no financial obligations, and others should repay it about 213 thousand manat. --08B-

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