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Regional

AIC sold the shares in the two companies for an unknown price

  • Friday, January 18, 13:15

Baku. In 2012, the state-run Azerbaijan Investment Company (AIC) in view of the successful activity of the Sangachal oil and gas terminal and the Masazyr salt plant sold its shares in these projects to partners. This became known at the January 15 Cabinet meeting chaired by President Ilham Aliyev during the report by Economic Development Minister Shahin Mustafayev.

A few days ago CEO AIC Rovshan Najaf gave interviews to the local press, but did not mention these deals.

In 2007, the AIC acquired a 25% stake in two CJSC Sangachal oil and gas terminal and Azerbaijani association of salt production." Investments in these companies by AIC were announced at the signing of contracts respectively for $ 9 million and $ 2.9 million.

The press service of the ministry did not disclose the cost of transactions of purchase and sale of shares in these companies AIC. Press Secretary of the Ministry of Economic Abbas Aliyev said only that "the transaction was successful, and the cost exceeds the amount of the investments."

In the department of Public Relations Ltd. Azersun Holding they told Turan that AIC has sold its stake in the plant for the refining of salt at a price not lower than their investments.

               In another project involving AIC its partner is LLC Qafqaz Trans Service - a subsidiary of the Company Azersun Holding. This company did not disclose information about buying a 25% stake in Sangachal Oil and Gas Terminal JSC either.

According to the exit strategy from the AIC invested projects, the company can sell its shares by public offering on the stock exchange, a strategic investor or existing shareholders. For whatever reasons in both investment projects AIC chose the latter path.

JSC AIC was established in March 2006. Its registered capital is 160 million manats. The purpose of creation of the company is the promotion of non-oil sector.

According to the Civil Code and the regulations of the State Securities Committee, an insider in this case, the holder of more than 10% of the shares shall be published in the media all the information about the transaction of purchase and sale of shares.

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