Shares of Credo Bank for a total of 1 million manats posted on Friday, at the Baku Stock Exchange.
Emission of three thousand ordinary shares of par value of documentary 10,000 manat was registered in October. According to the Exchange, all the shares were sold in two transactions (two investors). Underwriting services were provided by Chelsea Capital. Today they have posted 17.7% (5.3 million manat) of the announced issue. According to the legislation an issue is held in case of placing half of it.
Paid-up share capital of the bank, thus, reached 25.84 million manat. CredoBank shareholders are 11 individuals and two entities. -15B-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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