The shares of Bank of Azerbaijan of the total amount of AZN 2 million were placed on the BSE. According to the Exchange, all the shares were sold in two transactions.
Issue of 825 thousand ordinary registered non-documentary shares of 20 manats passed state registration in August 2012. The underwriting was provided by Respublika Invest. Today they have posted 52.7% (8.7 million manat) of the announced issue. According to the legislation, an issue is considered valid in case of placing a half of it.
Paid-up share capital of the bank, thus, reached 42.2 million manat. Since 1993 the shareholders of Bank of Azerbaijan have been two individuals and one entity. - 15B -
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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