The plans of Amrahbank for repayment of the additional issue of shares totaling 4 million 316.5 thousand mantas have been pushed aside for later.
According to the State Committee for Securities (SCS), the current release of 43,165 securities with par value of AZN 100 will increase its registered capital by 10.8% to 44 million 160.9 thousand manats.
The SCS decision of December 9 was taken in accordance with Article 13.1.1 of the Law "On the Securities Market" (if the actual volume is lower than announced) and Article 4.47.1 of the law "On the issue of investment securities" (at placing at least 50% by volume issue).
JSC Amrahbank with registered capital of 39 million 844.4 thousand manats has been in the market since 1993. Its main shareholder is the International Investment Bank (45.84%), as well as individuals owning the remaining stake. --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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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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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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