Azerbaijani holding revising the charter capital

The State Committee for Securities registered the issue of shares of JSC AB Standard totaling over 8,810,000 manat. This family holding company suspended its growth since 2008, when its founder, Heydar Babayev resigned as Minister of Economic Development.

According to a report by SCS, the placement of shares will be carried out by the closed method, as provided by the legislation in respect of closed joint-stock companies.

The paid-up share capital of JSC AB Standard as of January 1 of this year amounted to 33.623 million manat. At the beginning of 2013, the figure was 86.274 million manat. It is remarkable that in the database of the Ministry of Taxes on the State Register of Legal Entities the commercial capital of the holding established in 2002, is shown as 22.35 million manat. Companies of the group have been active since 1995.

The holding includes JSC Bank Standard, LLC Standard Insurance, LLC AB Legal Consulting Group, LLC Standard Leasing, LLC Standard Capital, LLC Standard Football Club, JSC Dernegul Boru Zavodu and JSC Lankaran Mehmankhana.

According to the financial statements of the holding, in 2013 the net profit of JSC AB Standard amounted to 2 million manat. The Group assets exceed 1.1 billion manat.

The financial report by JSC Bank Standard noted that 50% of the shares of the JSC AB Standard are owned by Aliya Ghaziyeva, a member of the family Babayevs. The remaining 50% of the shares are held by another unknown family. Earlier, the local press reported that control over 50% of the shares in the Heydar Babayev companies moved to the Aliyevs family ruling in Azerbaijan. --08B--