Unicapital JSC announced the auctioning of 87.5% (380,520 units) of Azerkabel (Mingachevir cable plant) shares. The starting price of the shares is equal to their nominal value - two AZN.
The auction will take place at the Baku Stock Exchange on December 14.
The ownership of the shares is not reported.
This stake of Azerkabel was sold through an investment contest in the first half of 2011. Azerkabel Ltd was announced the winner. In 2012, the LLC received a multimillion-dollar loan from NIKoil Bank, secured by 87.5% of the shares.
Azerkabel at the time of the privatization had 16.2 hectares of land at its disposal. In 2013, 14.5 hectares of land were sold to reimburse the bank debts. However, the debts on loans were repaid not completely. Trials upon the sale of land under the claim of the minority shareholders of Azerkabel continue.
The company is currently idle. ----08B
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review