The State Committee for Securities registered the issue of shares of three state closed joint stock companies on July 10. In the capitalization an additional 1 billion 415.9 million manat was invested.
JSC Azerbaijan Steel Production Complex was established on April 23, 2013. Issue of shares for the formation of its share capital in the amount of AZN 2 million was made only last Friday.
In May this year, the Cabinet approved the new Statute for JSC Azerbaijan Railways and revised the amount of its authorized capital. The company's capital was raised from 599 million AZN to 726.1 million AZN. In June the charter capital of the newly formed JSC Baku Metro was raised from 484.1 million AZN to 1 billion 770.9 million AZN.
The government, in contrast to the majority of private companies, invests in the charter capital for the development of state-owned companies. From July 2013 to April of this year, the securities of about 2,000 issuers held at the National Central Securities Depository increased from 8.1 to 13.5 billion manat. The bulk of these securities are owned by the state. - 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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