Cotton holding company MKT Istehsalat Kommersiya since early this year has been pursuing active expansionist policy in the domestic stock market: stocks under its control, cotton companies bought up en masse at 50% of face value.
Only from 1st to 19th April, it was purchased by about 50 million shares of 8 cotton-stock companies. According to the BSE, the total amounted to 49 transactions at a bargain price of 100 thousand manats. With scarce exchange operations in Azerbaijan is quite solid infusion into the market.
Ltd. MKT Istehsalat Kommersiya control segment sowing cotton production and exports in Azerbaijan almost from the opening of the privatization of the company for the primary processing of raw cotton. The company somehow has 14 cotton plants. In 13 of them, the state still holds 30% participation shares. Annual financial statements of these companies were not disclosed. However, it is well known formally these plants for many years, despite the global cotton market conditions, operating at a loss.
Minority shareholders are not aware of the reasons for such sudden interest of MKT Istehsalat Kommersiya in the minority interests. Since 1998, the company has never bought the shares, although holders of minority interests offered them a negligible price - AZN 0.20-0.30 per share.
Since January this year, the process of buying stocks of cotton stock is on the rise line. In January, the total amount of transactions was about 5 thousand manats. In February, the figure reached 27.4 thousand, and in March - 49.6 million manat.
Ltd. MKT Istehsalat Kommersiya privatized or purchased on the secondary market from the state the controlling interest in Shirvan Oil and Fat Plant and Sumgayit Factory of Bulky Yarn. The company owns the business center World Trade Center, textile factories in Baku and Sumgait and other real estate and land plots. The authorized capital is 116.6 million manat, says the commercial register of legal entities of Azerbaijan.
In Azerbaijan, the summer of 2012 about ownership of legal persons is confidential. Local media say the holding company is owned by the family of the Emergency Situations Minister Kemaleddin Heydarov, who has affiliates in Turkey and Azerbaijan. Heydarov has visited Sumgayit textile factory several times. The official opening is scheduled for May of this year. - 08B-
Economics
-
In recent months, an increase in the price of butter has been observed in Azerbaijan. Notably, this is the third price hike within a year. According to consumers, certain brands of butter that cost 19 manats per kilogram at the end of last year are now being sold for 24 manats, marking a nearly 30% increase.
-
Azerbaijan has signed an "Agreement on Project Implementation" with China’s BYD Company Limited (BYD) to establish a domestic production line for electric buses, officials announced.
-
Russia has reduced its greenhouse gas emissions by more than twofold from the 1990 baseline, Russian Prime Minister Mikhail Mishustin announced at the COP29 climate summit.
-
Georgian Prime Minister Irakli Kobakhidze announced that Georgia will present its updated Nationally Determined Contribution (NDC 3.0) by 2025, signaling the country’s renewed climate ambitions during his speech at the COP29 summit in Baku on Wednesday.
Leave a review