The State Property Service is holding a closed subscription for 15% equity participation in “Az?rizolit” LLC, in which only employees and equivalent persons of the former Mingechevir Insulation Materials Plant can participate. This is actually the second such move by the state since 2006.
Add that previously members of once one of the major enterprises of Mingechevir purchased 1.26% of the 15% of the proposed shares of “Ming?çevir Izolit” (INN: 2700028721).
At the same time, in 2006, the remaining 98.74% of its shares were sold to the newly established “Alfa-Line” Ltd (1300998351) in an investment tender. Already in 2015, when multi-billion dollar fake loan transactions in the state-owned “International Bank of Azerbaijan” OJSC were uncovered, it turned out that “Ming?çevir Izolit” OJSC was also involved in these frauds. Therefore, after court proceedings the assets of JSC were transferred to state ownership, on the basis of which “ASK Izolit” LLC (INN: 1305480021) was established under “Azerbaijan Industrial Corporation” OJSC.
According to the SPS, on 5 July this year “ASK Izolit” LLC was renamed to “Az?rizolit” LLC. The authorised capital of the legal entity was raised from AZN 2,696,689 to AZN 9,828,300.
Note that “Ming?çevir Izolit” OJSC is at the stage of liquidation and it is unknown how the payment for shares held by the employees of the enterprise is conducted. Subscription for 15% share (AZN 769,245) in the LLC will end on 31 August.
Source: Turan News Agency