Baku Stock Exchange on September 13 signed six deals on the next issue of the placement of shares of the International Bank of Azerbaijan. The total value of placement is 6256 manat.
Stock offering by IBA began in June this year and will be completed by June 2013. Existing shareholders (more than 1,800 individuals and legal entities) are entitled to purchase a proportionate share in the authorized capital of the bank during the 10-month period.
The authorized capital of IBA is 240 mln. The state has a 50.2% stake in the bank. The value of the new issue of shares is 100 million manat. The Ministry of Finance has got its share ahead of schedule. Therefore, the issue can be considered valid.
Note that the informal market value of shares of IBA "is no more than 18 gepiks with the par value of 24 gepiks. In September, the shares of the bank were given at an average of 1.60 manat with a nominal value of 20 gepiks. -0 -
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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