Shares of Jalilabad Winery Offered to Investors at Price Six Times Lower than Nominal Value
The State Committee for Property Affairs (SCPA) for the sixth time is trying to get rid of the shares of Celilabad Sharab JSC (a winery in Jalilabad).
Investment competition has been announced for sale of 99.97% of the shares (765,477 shares) of the winery. Shares of the company for the first time were exposed to competition in 2007. Over the years the conditions before the pretenders remained virtually unchanged and the basic requirement is the restoration of its activities.
Applicants must submit a proposal for the transfer to the state budget of at least 500,000 manat. This is six times lower than the authorized capital of the plant.
Over the past 4 years the financial condition of the JSC has not changed: as of February 1 of this year, the payable debts amounted to 473 000 manat and the accounts receivable were 28.7 thousand manat.
In Jalilabad, two wineries have been sold by corporatization, with one of them sold through investment competition. -----08D
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