AIC and Garadagh to sign memorandum of understanding

AIC and Garadagh to sign memorandum of understanding
Published: 01 February 2007

The Azerbaijan Investments Company and Garadagh Cement will sign a memorandum of understanding at some point in February about the former’s acquisition of up to 20% of the equity of the cement company, and the practical transaction can be started in September. The AIC is hopping in together with the European Bank for Re-construction and Development, which, too, will acquire a stake in the equity of Garadagh Cement, says a source in the AIC. 
 
Garadagh Cement prepares to sign the 10% stake give-over agreement with the EBRD currently.  
 
The AIC was established to the orders of the president of Azerbaijan Ilham Aliyev on 30 March 2006 on the starting capital formed of the deductions from the State Oil Fund.  
 
The authorised capital of the AIC equals AZN 90 mn (approx $103 m).