Azerbaijan may arrange the first initial public offering (IPO) of shares on the BSE.
To prepare for this process a meeting was held yesterday with representatives of the State Committee for Securities, the Exchange and professional participants of the securities market. The company presented the preparatory process for IPO. Further, the company is to implement underwriting, auditing, legal services, and investor relations. The alleged issue volume and the nominal value of the shares is not reported.
In BSE noted that IPO securities company Golden Pay is the first fruit of its advisory program listing.
According to the Ministry of Taxes, LLC Golden Pay was established in July 2007. The company is the first in Azerbaijan provider of online payment. The system was launched in December of 2008, after receiving the safety certificates from Visa and MasterCard. In March 2009, was the first online payment. The company owns online portal services hesab.az, which was launched in April 2011. The authorized capital of the company is 100 manat. - 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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