Azernews.Az

By Nazrin Gadimova

Azerbaijan Investment Company (AIC) will not sell its shares in business projects in 2016, the company told local media.

In 2015, AIC sold its 10-percent share in the Garadagh cement plant to the main shareholder of the plant - Swiss Holcim Company. The company reported that this move was stipulated in the contract concluded for the period of five years, however, this year, AIC does not intend to sell anything.

Furthermore, the company plans to acquire a 25-percent stake in the logistics center, built by Azerbaijan’s Azersun Holding in Aktau, Kazakhstan.

So far, AIC has invested in a number of projects in various sectors of the economy. These are “Davachi Broyler” poultry farming, “Azertokhum” seeds processing and breeding plant, as well as “Agstafa Agroservice” that provide comprehensive services to local farmers.

In general, the company participated in projects with a total value exceeding $1.1 billion. The projects area covered such spheres as construction of building materials, shipbuilding, production and processing of agricultural products, logistics and many others.

About $450 million of direct foreign investment was attracted for the realization of these projects. AIC used experience and advanced technology of Switzerland, Germany, Singapore, Turkey and other countries within the framework of these projects.

Established in 2006, Azerbaijan Investment Company has authorized capital worth $102 million, and all its shares belong to the state. Its main objective is a long-term investment in the different companies engaged in non-oil sector by buying its shares.

AIC’s activity covers the areas of ICT, agriculture, alternative and renewable energy, food processing, industrial, logistics, tourism, recycling, etc.

--

Nazrin Gadimova is AzerNews’ staff journalist, follow her on Twitter: @NazrinGadimova

Follow us on Twitter @AzerNewsAz