The State Committee on Property has summed up the 8th specialized money auction, in which any person having at least 2 manat in cash could take part.
Bidding took place from 24 to 28 of December last year, and 218 applications were accepted along with 54,322 manat to acquire 55% of the shares of two companies in the country. The nominal value of auctioned shares of Tartar Ikhtisaslasdirilmis Neqliyyat(Transportation) and Goranboy Et (meat processing plant) was 58.5 thousand manat. Thus, investors bought shares almost at their face value, while on cash auctions shares (from 30% to 45%) available in one package are sold at no more than 50% of the nominal value.
Note that specialized cash auctions have been held since 2011. They have sold stakes in about 10 JSC. Applications and cash in the auctions are accepted in the intramural form. It is noteworthy that some investors say that they are applied restrictions on the size of funds submitted. ----08D
Economics
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The Agency for the Development of Small and Medium-Sized Businesses (KOBIA), in collaboration with the Ministries of Economy and Ecology and Natural Resources, organized a conference today in Baku focusing on the role of small and medium-sized enterprises (SMEs) in advancing the green economy.
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Under the golden September sun, the Third Grape and Wine Festival took place in Shamakhi, in the village of Meysari on September 7-8, 2024, drawing wine enthusiasts and tourists alike to celebrate Azerbaijan’s ancient winemaking traditions. Organized by the State Agency for Tourism, the festival highlighted the country’s efforts to rejuvenate its viticulture industry, with a focus on boosting local production and expanding export opportunities.
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Azerbaijan has spent over $1.6 billion on large-scale infrastructure projects, including the Crystal Hall for Eurovision, the Olympic Stadium in Baku, and the Shahdag ski resort. But according to Fikret Mamedov, a graduate of London Business School and director of Sage Solutions, this spending has not provided long-term benefits for the country’s economy.
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The outcome of the 44-day Second Karabakh War in 2020 has significantly reshaped the ranking of foreign direct investment (FDI) into Azerbaijan's economy, economist Gubad Ibadoglu said in an article. Recent data show a notable rise in investments from Russia, Turkey, and China, particularly targeting the liberated territories. However, Western investments have remained limited, as barriers such as monopolies, a lack of judicial independence, and the government's classification of states as "friendly" or "unfriendly" have dampened interest.
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