JSC Investment Company AzFinance has increased the authorized capital from 1 million AZN to 1 million 550 thousand AZN. The Financial Markets Supervision House registered the issue of new shares of AzFinance on September 29.
The Deputy Director of the company Intigam Safaraliev told Turan the additional capital will be used to enhance investment activities.
The minimum requirement for the amount of capital of the investment company for full activity in the securities market is 300 thousand manats.
CJSC Investment Company AzFinance was established in January 2014. The company belongs to the Heydarov family.
AzFinance is the first company to receive investment status.
Currently, special permits (licenses) for activities of investment companies in the financial and stock markets belong to six companies: Pasha Capital, PSG Capital, Capital Management, Uni Capital and Invest AZ. This license is also claimed by the investment companies Demir and Khalg Capital. --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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