Azerbaijan finishes privatization of Azerkabel JSC

Investment competition held by Azerbaijan State Committee on Property Issues on sale of shares of Azerkabel JSC has been ended. According to results of the competition, Azerkabel Ltd declared winner.

Note that, petitions and investment proposals were submitted by some pretendents for participation in the competition. After the consideration of investment proposals, Competition Commission made a decision by open voting.

According to conditions of the competition, winner undertakes to transfer AZN 300,000 funds to state budget. Along with it, according to investment program presented by Azerkabel Ltd, within one year the shareholder will spend AZN 400,000 to realization of the works directed to development of the society. The considered investments will be directed to installation of new equipments for production of rubber cable, repair of old ones, restoration of industrial sphere. According to investment program, nearly 20 new work places are expected to open during the investment activity.


/APA/