The meeting date of the reinsurance company AzRe shareholders has been changed from 13 to 24 February. The agenda includes increase in the authorized capital by the growth of the nominal price of the shares at the expense of net profit, the establishment of the nominal price of each share, and determination of the proportion of shareholders in the share capital. In addition, the agenda includes the issue of dividend payment to shareholders, due to the unallocated portion of net profit.
Currently, the authorized capital of the reinsurance company AzRe established in 2007 is 40 million manat. The company is a shareholder of Gala Sigorta (100%) and Gala Hayat Sigorta (88.57%). -----71D
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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