Shares of Credo Bank for a total amount of 500 000 manats were posted on BSE.
Emission of 3 thousand ordinary documentary registered shares with par value of AZN 10 passed state registration in October 2012. According to the exchange, all the shares were sold in a single transaction (one investor). The underwriting was provided by Ltd. Chelsea Capital.
As of today, they have placed 47.7% (14.3 million manat) of the announced issue. According to the legislation, an issue is held in the case of placing a half of it.
Paid-in share capital of the bank, thus, reached 35.14 million manat. Credo Bank shareholders are 11 individuals and two entities. - 15B -
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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