The investment competition for the sale of state-owned shares of “Zabrat Machine-Building Plant” OJSC in Sabunchu district of Baku has been concluded.
Elchi.az reports about this with reference to the State Service for Property Issues under the Ministry of Economy.
According to the information, “ZMZ Metal” LLC, which offered more favorable conditions, was declared the winner of the competition, and a purchase and sale agreement was signed with it.
According to the agreement, the investor undertook to transfer 3 million manats to the state budget, as well as to implement an Investment Program worth 7.5 million manats in the enterprise within 2 years, along with financial, economic and social obligations. Within the framework of the Investment Program, it is planned to organize the production of various types of mechanical structures and parts used in the installation process, to install an environmentally friendly hot-dip galvanizing workshop and related equipment, to purchase new equipment, to repair existing equipment, to build new buildings, to purchase vehicles and equipment, and to improve infrastructure (electricity, gas, water, sewerage). It is planned to create 100 new jobs in the enterprise as a result of investments.