At the 22nd 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
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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