The Baku Stock Exchange (BSE) confirmed the placement of additional issue of shares of the government-run JSC Azerkosmos. According to the plan, the authorized capital will be increased to 23 million 610.6 thousand manat.
The additional issue includes 1 million 180 thousand 530 shares with a par value of 20 manat each. According to the schedule, the placement of the shares will be completed by August 12 this year. The placement underwriter is LLC PSG Broker.
Thus, in the case of successful operation the authorized capital of JSC Azerkosmos will grow from the current 40 million to 63 million 610.6 thousand manat (+ 59%).
The fully state-run Azerkosmos was created in 2010 to orbit a telecommunications satellite and for management and implementation of operational works. This body also provides services, selects insurance companies, establishes cooperation with satellite operators and conducts research in space. --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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