Unknown Investor Acquired State Trade Center in Baku

The State Committee for Property (SCP) announced the results of the investment tender for the sale of shares of the Eighth Km Ticaret Merkezi (shopping center) created on the basis of the current market No 4 in Baku. Preference of the jury among the three candidates was given to an individual who pledged to invest in the company 1 180 760 manat within 6 months. The name of the millionaire investor, as well as the other two participants, was not disclosed.

The Competition Commission completed its work on January 16. However, information about the outcome of the contest has been posted in the official gazette of SCP (newspaper Mulkiyyet) only on January 31.

The winner of the contest will transfer to the state budget 312 thousand manat or more than the amount that is needed during the competition. In the case of recognition of the fact by SCP 99.89% of the shares with a par value of more than 1 million manat will be owned by the investors.

Remember, this is actually the second privatization of former collective farm market №4 in the village Eighth Km in the Baku city. The market created in 1980 in 2000-2001 was privatized at 100% through check and cash auctions. In 2008, for unknown reasons, the decision on privatizing by SCP, as well as the results of privatization of the shopping center, was canceled in the courts, and the property market again passed into public ownership. The state did not compensate the owners that suffered a few hundred shares losses. In February 2008, the company Ticaret Merkezi-4 was formed. This legal entity from the time is directly subordinate to SCP. In August 2014 on the basis of this company Eighth Km Ticaret Merkezi was formed.   ---08B