The State Service for Property Issues under the Ministry of Economy of the Republic of Azerbaijan has announced an investment tender for the privatization of a Medical Equipment Maintenance Plant OJSC and Baku Oil and Gas Field Equipment Plant OJSC in accordance with the “Second State Program for the Privatization of State Property in the Republic of Azerbaijan” and the “Rules on Holding of an Investment Tender”.

The investment tender for the privatization of the Medical Equipment Maintenance Plant OJSC located in Bakikhanov settlement, Sabunchu district, Baku, will offer 922,528 shares with a total par value of AZN 1,845,056. The Company has liabilities of AZN 635,306 and accounts receivable of AZN 273,925.

The total par value of shares put up for sale in the investment tender for the privatization of the Baku Oil and Gas Field Equipment OJSC located in the Bulbula settlement, Surakhani region, Baku, amounts to AZN 2,930,776, while the number of shares is 1,465,388. The Company has obligations of AZN 823,436 and accounts receivable of AZN 62,971.

To take part in an investment tender for the privatization of these companies, bidders must submit an investment program for a total amount of at least AZN 2,500,000 (two million five hundred thousand) indicating the direction, amount and duration of investments, and make proposals for the creation of new jobs, the use of modern technologies in the production process, the expansion of the range of products, and the use of local raw materials. Bidders of both joint-stock companies must submit proposals on funds to be paid to the state budget (at least AZN 1,000,000). In case of winning the tender, the bidder shall be obliged to make an advance payment in the amount of AZN 200,000 (two hundred thousand), which guarantees the fulfillment of the terms and conditions of the tender.

The winners of the tender must sign a shares purchase agreement of the joint-stock company within 30 days from the date of approval of the protocol on the results, make payments on wages and equivalent arrears within 60 days from the date of signing, and transfer the proposed funds to the state budget.

In addition to legal entities and individuals of the Republic of Azerbaijan, foreign investors can also participate in the tender.

The state property put up for the investment tender can be found at the following link: (https://bit.ly/3qzDgsB, https://bit.ly/2SCHWRQ)

Applications and proposals will be accepted at the State Service for Property Issues until July 26, 2021 on working days from 10:00 a.m. to 05:30 p.m. (address: 50, Y. Safarov st., Baku).

The bids will be evaluated by the Commission in the administrative building of the State Service for Property Issues under the Ministry of Economy on July 28, 2021 from 11:00 a.m. and 03:00 p.m, respectively.