Iceberg RM Ltd., a local company, has won an investment tender for the sale of shares of the Baku Chinar Refrigerators Open Joint-Stock Company (OJSC) held by the Ministry of Economic Development (MED).
Under the tender terms, the company is committed to transfer 1.4 billion manats to the state budget and submit 120,000 privatization shares to the MED, the ministry said. Under the presented investment program, Iceberg RM Ltd. is to transfer 196 million manats to the OJSC’s account to carry out preliminary work.
Besides, the winner is required to invest 9.8 billion manats in renovating and upgrading the OJSC within a year. 100 jobs will be opened at the enterprise, provided the average monthly salary is over 300,000 manats.
From ACER News