Share offer for Azerbaijan tyre maker announced

Azerbaijan’s State Committee for Property Affairs is offering investors the chance to obtain a 96.98 per cent share in tyre maker JSC Azersin. According to the Azerbaijan Business Center, this package of shares is made up of a standard package offered for investment (85 per cent of shares) plus shares available after labour collective subscription. The share tender is open to both domestic and foreign investors. Bids for shares in the debt-ridden tyre maker are accepted until March 31.

JSC Azersin was established in 1959 but its activities have greatly reduced since the collapse of the Soviet Union – by the early years of the last decade the tyre maker’s output was around one per cent of capacity. Azerbaijan Business Center says the company currently 530 workers and has debts totalling ANZ 5.67 million (£4.38 million), most of which is for unpaid goods.