The State Service for Real Estate Affairs under the Ministry of Economy successfully carried out the privatization of another production enterprise operating in the country's light industry sector.
The State Service for Real Estate Affairs announced an investment competition on the sale of state-owned shares of "Baku Shoe Factory" OJSC on October 17, 2022.
After analyzing of the participants' proposals "Pepi-Ali Peasant Farm" Limited Liability Companyed was announced the winner of the investment competition offering more favorable conditions. Fulfillment of obligations undertaken on the implementation of the Investment Program of AZN 5.5 million in the enterprise within 2.5 years, the transfer of funds in the amount of AZN 3.5 million to the investor's state budget, in accordance with the terms of the purchase agreement signed with the winner of the competition. Buying modern equipment, reconstruction and repair of the buildings, improvement of the infrastructure of the enterprise are planned within the framework of the Investment Program.
As a result of the implementation of the Investment Program purchase of modern equipment, repair and reconstruction of buildings, increase of the enterprise's leather raw material base, improvement of infrastructure are planned.
