The local JSC Rabitabank has started placing additional shares totaling 4 499 977.07 manat.
According to BSE, which provides the on-site operation, it will bring the level of the authorized capital of the bank to the Central Bank’s requirement (50 million AZN from January 1, 2015). As a result of placement of the additional issue the share capital will increase by 9.9% to 49 999 977.07 manat.
The emission is divided into 221 783 shares of the nominal value of AZN 20.29 per security. The placement of shares of the series should be completed by July 1, 2015. Underwriter of the transaction is LLC Chelsea Capital.
JSC Rabitabank with the registered capital of 45.5 million AZN was established in 1993. Shareholders are about 20 legal entities and individuals. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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