The winner of the investment competition held by the State Service on Property Issues under the Ministry of Economy for the sale of state-owned shares of another large industrial enterprise - "Karadagh Glass Factory" OJSC has been determined. The winner undertook to implement the Investment Program in the amount of 10.5 million manats.
The State Service on Property Issues continues to work towards the rehabilitation and privatization of enterprises. Privatization of state enterprises through an investment competition is a convenient mechanism in terms of attracting investments, establishing and expanding production based on modern technologies, and creating new jobs.
The investment competition announced for the sale of state-owned shares of another enterprise that can contribute to economic development - "Karadagh Glass Plant" Open Joint Stock Company - has been concluded. Bid envelopes of applicants were opened on June 23 of this year by the competition commission, proposals were evaluated and "Glass Vay" Limited Liability Company, which offered more favorable conditions, was declared the winner of the investment competition.
A purchase agreement was signed on August 2, 2023 with the winner of the competition. The investor should transfer 20 million manats to the state budget and implement the Investment Program in the amount of 10.5 million manats in the enterprise within 2 years according to the contract. Major repair and reconstruction of furnace and glass production equipment, workshops, purchase of other equipment required for production, improvement of infrastructure provision (electricity, gas supply, road construction, etc.) are envisaged within the framework of the program.
