Azerbaijan holds competition to privatize Sumgait Construction Service company

BAKU, Azerbaijan, February 2

By Nazrin Israfilova – Trending:

The state service for real estate issues under the Azerbaijani Ministry of Economy summarized the results of an investment competition for the privatization of the construction service of Sumgait OJSC, which suspended its activities a long time ago, reports Trend citing the ministry.

According to the ministry, the competition was announced on December 2, 2021 in accordance with the second state program for the privatization of state property.

During the competition, investors were offered 129,799 shares, reaching 99.91% of the authorized capital of the joint-stock company located at Kimyachilar Street 55A, Sumgait City.

Evsan LLC was announced the winner on January 12, 2022.

According to the sale and purchase agreement signed on January 26, 2022, the investor agreed to transfer 1 million manats ($588,235) to the state budget, to repay the company’s debt to the budget, to implement an investment program in the amount of 1.5 million manats ($882,352) and also fulfill other social and economic obligations.

According to the investment program, it is planned to build a reinforced concrete plant, organize the production of products such as reinforced concrete pillars, various beams, facades, etc.

It is expected to create at least 30 new jobs through the implementation of the investment program during the year.

“The reconstruction and operation of the enterprise will not only create conditions for the production of construction products, but also help meet the demand for these products,” the ministry said.

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