State Requires 180,000 Manat from Investor for Inactive Enterprise

The State Committee on Property started an investment contest for 99.83% of the shares of Salyan Elektrik Qaynaq Avadanliqlari created in the early 2000s on the basis of the Salyan plant for welding equipment.

To purchase shares with a total nominal value of 765,300 manat, apart from the investor's investment program, it is required to submit a proposal to extend not less than 180 thousand manat to the state budget. Investors have the right to change the profile of the company in their sole discretion.

Note that this company was built and put into operation in 1988. After opening to privatization it practically ceased its activities. Today there are 4 enrolled employees.

Contrary to the law on privatization in a competitive way, the State Property Committee’s report did not provide any information about the land area and the presence of structures and their characteristics either in the newspaper Mulkiyyet, or in other information resources. There is no information in other languages either.

Before that, 30% of the shares of Salyan Elektrik Qaynaq Avadanliqlari were offered on cash auctions. The State Property Committee decided to sell all the shares to one investor. Employees of the company own 0.17% of its shares. --08D--