Azerbaijan Investment Company (AIC) invested in 2013 to build the Baku Shipyard (BSZ) $ 60.6 million is the only attachment of last year .
The Ministry of Economy and Industry ( MEI ) has published a short report on the activities of AIC in 2013 . Investment activity was shown in only two of the few projects that involve state-owned companies. To date, the total amount of its investment in the construction of BSZ exceeded $ 118 million, including $ 40 million - capital investments of JSC BSZ and $ 78.07 million - its bonds. AIC owns 25 % equity interest in JSC BSZ, which also involves SOCAR (65%) and Keppel Corporation (10%). Total investment for the first phase of this project is $ 470 million, of which 34% are investments in shareholders equity.
Another project is the developing of Seba (former group of companies Shabran Broiler Factory). In 2013 JSC Seba made investments for growing crops on 4,800 hectares of new land areas. In this company, AIC has a 10% stake.
Neither MEI nor AIC provide information on the distribution of the investment portfolio, which has 160 million manats of public funds. AIC participates in the capital of Holcim (Azerbaijan) - 10 %, the company M-Pro - 20% , LLC Azertokhum - 17.46%, LLC Agstafa Agrotekhservis - 25% and JSC Caspian International Investment Company - 24.1% .
In 2012, AIC suddenly withdrew from two shareholders of JSC Azerbaijan Salt Production Association and Sangachal Terminal, in which it had a 25 % interest. The shares were sold to the existing shareholders. However, details of the transaction were not disclosed.
AIC is annually held international audit. The company does not publish financial statements on the corporate website, which is not updated. Therefore, w do not know how its assets are managed and if the acquired shares bring any dividends.
CJSC Azerbaijan Investment Company was established in 2006 to support the non-oil sector. - 08D-
Economics
-
Azerbaijan's Cabinet of Ministers has approved amendments to the list of strategically important goods in the country's consumer market, as outlined in Decision No. 136 dated April 27, 2023. The update aligns with the implementation of the Law on State Reserves and a corresponding presidential decree, the government announced on Thursday.
-
Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
-
The President of Azerbaijan approved the amendments on November 7, which were made to the “Law of the Republic of Azerbaijan on Credit Bureaus” by the Milli Majlis. The text of the amended law was published on November 28.
-
The European Bank for Reconstruction and Development (EBRD) has released its Transition Report 2024-25 for Azerbaijan, urging the country to take bold steps to improve economic governance and foster private sector development. The report outlines key priorities for Azerbaijan’s economic trajectory and highlights challenges stemming from its reliance on volatile energy markets.
Leave a review