On 27 August, the State Committee for Securities registered the issue of debentures of interest of Mercury Investment and Holdings Ltd, which are planned to be floated by the closed method. The total size of the issue is $ 200 million.
SSC told Turan Mercury Investment and Holdings Ltd is a legal entity of the Isle of Man. Repayment of the bonds is provided for by 2027. However, the SSC did not specify under which project it is planned to invest the borrowed funds.
Turan found that Mercury Investment and Holdings Ltd was established in 2005. It is noteworthy that the largest in Azerbaijan and the South Caucasus steel plant LLC Baku Steel Company is registered on the Isle of Man. BSC has recently announced plans to build a new steel complex with a capacity of 1 million tons in Hovsan, Baku. The Mercury Investment and Holdings Ltd bond issue is probably related to the project.
Note that on July 27 SSC registered the issue of corporate bonds by Baku Shipyard, which totaled $ 310 million. - 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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