A decision was made to liquidate two companies that are part of Synergy Group. In the office of the holding company they do not comment on the reasons for the decision on closing these companies.
One of the liquidated companies, LLC Net Solutions was established on 1 April 2011. One of the two founders of the company is Cyber Net, subsidiary of Synergy Group.
The second company, LLC Exclusive Dining Group was established in June 2012.
Note that the JSC Synergy Group has operated since 2010 and 99% stake in the group is held by Kamil Ashrafov. The group includes about 30 companies. In 2013, the revenue was 15.5 million manat and the financial losses amounted to 20 million manat.
Ltd. Cyber Net was established in 2004 and is one of the leading IT companies. According to the report of Ataholding for 2011, the company (LLC Cyber Net) was sold to the other founders of the holding at face value in 2011. JSC Ataholding is controlled by Heydar Aliyev, 19-year-old son of the President of Azerbaijan Ilham Aliyev. -----08B
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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