Tender announced for cotton factory

The Ministry of Economic Development state property management and privatization department has announced a tender for the sale of 99.31% of the Mingachevir-Weaver Open Joint-Stock Company (OJSC) shares. Both local and foreign investors may submit their bids, the Ministry said.

Under the tender terms, preference will be given to bidders offering highest investments and those committed to efficient investing and experienced in producing cotton threads and raw fabrics and applying modern technologies.

Bidders are required to submit the needed documents and bids before July 29.

The enterprise covering an area of 140,000 square meters is located in Mingachevir District and produces cotton fabrics. The OJSC, with the charter capital of 6.9 billion manats (over $1.4 million), employs 19 people and has 687,784 shares with a value of 10,000 manats each.

The OJSC’s arrears make up 5.4 billion manats ($1.1 million).*