The Department of Privatization and State Property under the Ministry of Economic Development (MED) has announced an investment competition for the sale of 98.7% (85% + 13.7% shares remaining from the preferential sale to the labor collective) shares of OJSC Azerelectroterm. To be eligible for the tender an investment program should be submitted which should include proposals for: the introduction of new technology for the production of high-quality machine building products for export; for restoration of work places and social security of the workers of the factory. That apart, a proposal should also be made to transfer into the accounts of the enterprise within 30 working days from the day of signing the agreement, a sum of money equivalent to 5% of the volume of investments in addition to transferring into the budget not less than 3 billion manat, as well as the number of privatization cheques (coupons) proposed to be submitted (not less than 260 thousand). Foreign investors also have to present a similar quantity of privatization options. Also a letter of guarantee from any bank for the sum of 600 million manat or a receipt showing that the amount has been transferred into the account of the MED in the International Bank should be presented. All tender proposals should be submitted before the deadline of 5 August 2003.

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