OREANDA-NEWS. March 21, 2011. The State Committee for Property Affairs of Azerbaijan has announced an investment competition for sale of 98.71% of shares of JSC Baki Elektrik Tokme (Baku Electrical Foundry). The shares package was formed from standard package offered for investment contest (85% of shares) and the balance of shares after subscription for them by the labour collective (13.71%).

The Committee informs that both domestic and foreign investors are allowed to take part in the competition.

The investors should submit a 5% bank guarantee of the investment offer cost for at least AZN 300,000 or currency equivalent. Besides, proposals should be presented for transfer of AZN 900,000 to State Budget.

Claimants should submit an investment program to contain proposals for preservation of the complex’s profile, as well as information about the enterprise’s activity and a copy of its charter. They can get more information at 10 am - 5 pm until 27 April 2011 at the address: 20, Yu. Safarov Str, Baku.

The documents and bids are accepted at 10 am – 5 pm until 27 April 2011.

The bids will be assessed from 3 pm on 29 April 2011. For more information call to the State Committee: 4902408 (extension: 242).

The factory (add: 10, A. Gaibov Street, Baku) molds cast iron and aluminum, produces and sells industrial and consumer goods. Its charter capital totals AZN 21.246 million and 1062390 shares were issued for it with face value of AZN 2 each.

The competition subject is 1048709 shares with overall nominal value of AZN 2097,418. The enterprise has liabilities for AZN2.230 million, including AZN 97.235 on wages and AZN 226.470 on payment of goods, works and services. Enterprise’s accounts receivables reach AZN 1.232 million. The enterprise has been operating since 1961 with personnel of 166 employees.