Investment competition to privatize Baku Shoe Factory announced

In accordance with the "II State Program for Privatization of State Property in the Republic of Azerbaijan" and the "Rules for Conducting an Investment Competition", the State Service for Property Issues under the Ministry of Economy announces an investment competition for the sale of 85 percent of the shares of the Baku Shoe Factory Open Joint Stock Company and the remaining shares from the sale of shares at a discount to members of the labor collective.

3,337,012 shares with a total nominal value of 6,674,024 manats were put up for the investment competition for the privatization of Baku Shoe Factory OJSC, located at 471, Binagadi highway, Binagadi district.

To participate in the investment competition held for the privatization of the enterprise, bidders must submit an investment program with a total volume of at least 5,000,000 manats, indicating the areas, amount and term of investment, and submit proposals for the creation of new jobs, the introduction of modern technologies into the production process, and the expansion of the product range.

The winner of the competition must ensure the transfer of funds in the amount of at least 3,200,000 manats to the state budget for the purchase of shares of the Joint-Stock Company.

The winner of the competition must sign a contract for the sale of shares of the Joint-Stock Company within 30 days from the date of approval of the protocol on the results, transfer the proposed funds to the state budget within 30 days from the date of signing, and also fulfill other conditions and obligations stipulated by the contract.

Both citizens of the country and foreign investors can participate in the competition.

The state property put up for investment competition can be found at:

Applications and proposals of bidders will be accepted until November 17, 2022 on weekdays from 10:00AM to 17:30PM at the State Service for Property Issues (address: 50, Y.Safarov Street, Baku).

Tender proposals will be evaluated by the Commission on November 18, 2022, starting at 11:00AM in the administrative building of the State Service for Property Issues.