SPC wants a fourth attempt to sell stock of Baki Elektriktokme

The reinvestment competition on the Joint Stock Company Baki Elektriktokme (Baku Electric Welding Plant) started. Sale of 98.71 % of the shares is subject to this stock.

According to the State Property Committee (SPC), the enterprise is engaged in the production of cast iron and aluminum castings, as well as products for industrial and domestic purposes.

Buy 1,048,709 shares are free to both local and foreign investors. In terms of competition , the investment program should be directed to the production of high-quality products , provide proposals for the introduction of modern technology, improving product quality and variety , restore jobs and social welfare workers. The beneficiary must provide the amount of investment for the purpose and timing of their investments, as well as the approval of victory must transfer the shares for a minimum of 900,000 manats.

The contract for the sale of the shares must be signed no later than 30 days from the date of approval of the results of the competition. After signing the contract the winner has 60 days to transfer to the account of the Joint Stock Company 5% of the stated volume of investments and in 90 days it is to transfer funds to the state budget for the action provided for in the bid.

Call for tenders for the contest will be held until October 21, 2013. Evaluation of the proposals will take place on October 23.

This is the fourth attempt to find a buyer for the Committee of JSC Baki Elektriktokme . The plant was commissioned in 1961 with a working staff of 146 people. As of August 1 this year, the obligations of that entity are 2,790,257 manats.

Accounts receivable - 1,045,533 manat. Share capital - 2,124,780 manat, the nominal value of each share - AZN 2. - 17D-