Garadagh Glass Factory is privatized
The State Service on Property Issues under the Azerbaijani Economy Ministry has finalized the investment competition announced for the sale of state-owned shares of Garadagh Glass Plant OJSC, Azernews reports, citing State Service.
According to the received information, on 23 June the tender commission opened envelopes with bids of the bidders, the proposals were evaluated and the winner of the competition was Glass Vay LLC, which offered more favorable conditions. On 2 August, a sale and purchase agreement was signed with the winner of the tender.
According to the agreement, the investor should transfer AZN20m ($11.8m) to the state budget and implement an investment program worth AZN10.5m ($6,2m) within two years. The program envisages overhaul and reconstruction of furnace and glass equipment, shops, and purchase of other equipment necessary for production, and improvement of infrastructure (electricity, gas supply, road construction, etc.).
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