Accord Corporation issued unsecured bonds worth 50 million manat, designed to accommodate the mass method. The State Committee for Securities registered the prospectus of the interest-bearing securities of the company on November 4.
This is actually the second in a row placement of corporate bonds by the corporation. The first issue of bonds for the same amount was carried out by JSC Accord Insaat Senaye (one of the founders of the corporation) in October 2010. The yield on the bonds was 12.5%. The funds are raised to finance investment projects of the JSC. Repayment of the bonds in accordance with the prospectus was completed at the end of September this year.
JSC Industrial Construction Investment Corporation Accord is one of the few non-financial companies traded in the capital market to raise funds. The main "players" of the market are banks, non-bank credit organizations, insurance and leasing companies.
The authorized capital of the corporation is AZN 84 million ($ 100 million). - 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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