The government increases the authorized capital of JSC Agroleasing by issuing new shares with a total nominal value of about 119 million manats.
The shares will be sold from Baku Stock Exchange. However, this is a formal procedure, as the new shares are issued for areas of public investment in the capital of the company.
Upon completion of this operation, the authorized capital of JSC Agroleasing will reach 194 million 919.5 thousand manats.
The JSC was established in 2004 and operates under the Ministry of Agriculture. It is engaged in the purchase and sale of agricultural machinery, production lines, fertilizers, and cattle breeding. Under the JSC there are agricultural service enterprises providing paid services to farmers.
Note that state-owned companies in Azerbaijan, as a rule, direct investments in equity, which is not true of non-financial private companies. Therefore, from the 15.9 billion manats stored in the National Depository Center as assets of Azerbaijani issuers, approximately 70% is the share of public joint stock companies. ----08D
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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