OREANDA-NEWS. October 28, 2009. The State Property Committee of Azerbaijan has announced an investment competition for sale of 99.34% of Baki Elektroavtomat JSC’s shares, including usually set out 85% of standard package and 14.34% of the balance after labour staff subscription for enterprise’ shares.

The competition is allowed both domestic and foreign investors. The investor should submit a 5% bank guarantee of the investment offer cost. Besides, the investor should transfer AZN 60,000 to State Budget and write off at least 20,000 privatization cheques (also an equal number of options for foreign applicants).

The applicant must also provide information about its activity and a copy of its Charter and get more information from 10 am till 5.30 pm until 23 November 2009 at the address: 20, Yu. Safarov Street, Baku. The documents and bids from the competitors are received from 10 am till 5:30 pm till 23 November 2009. The tender commission will start estimate of the bids from 11 am on 25 November 2009.

Baki Elektroavtomat JSC is located in Bina settlement of Baku. The enterprise manufactures equipment with capacity of up to 1,000 volts for industrial sector and internal electric networks.

Its charter capital is AZN 1,225,666 and 627,833 shares with face value of AZN 2 each were issued for it.

The competition subject is 623,663 shares with overall nominal value of AZN 1,247,326.

The enterprise has debts of AZN 778,868, including AZN 73,229 on wages and AZN 168,975 for payment of commodities and services.

The debtors have owed AZN 74,354 to the factory. The enterprise operating since 1961 has staff of 60 workers.