The management of Amrahbank cannot cope with the plans for repayment of the additional issue of shares amounting to 4,316,500 AZN and decided to issue bonds.
According to the report by the State Securities Committee (SSC), yesterday it registered the prospectus of the expected emissions at $ 10 million. The issue of unsecured bonds has been divided into 100,000 bonds in denominations of $ 100 per security. Placement of the bonds is expected on the open subscription.
JSC Amrahbank with a registered capital of 39 million 844.4 thousand manat 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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