State Has No Ginneries Left

At the 22^nd auction the State Committee for Property Affairs (SCPA) sold 974.1 thousand shares of two ginneries (JSC Qarabag Pambiq and JSC Saatli Pambiq).

30% packages shares of these JSCs were sold at 50% of face value (AZN 2). Thus, from the sale of shares the state budget will receive 974.1 thousand manat.

In general, in the course of the three auctions in November 2,434,165 shares of six cotton companies were sold.

In September and October SCPA sold blocking stakes in 7 cotton JSCs. 70% share holdings of cotton enterprises were sold in the first State Privatization Program in 1997.

SCPA completed the sale of shares in cotton companies and now all 19 ginneries are owned by private individuals. Control of a minimum of 14 factories is owned by the group of companies MKT Istehsalat Kommersiya, two plants in the Kurdamir and Agdam regions have been privatized by their former Directors, etc. ------08B