LLC ADB Broker announced its transformation into CJSC Demir Investisiya Sirketi. This application is given for participation in the securities market and corresponds to the entry into force of the Law of Azerbaijan Republic "On the Securities Market".
In addition to changing its name and legal form of organization, it also increased the authorized capital from 170,000 to 230,000 manat.
According to the law promulgated this month, a brokerage company is to be transformed into an investment company. This demand has been fulfilled by two companies (Azfinance Investisiya Sirketi and Demir Investisiya Sirketi).
CJSC Demir Investisiya Sirketi has been valid from 2004 and is a subsidiary of OJSC Demir Bank. The company owns 300 shares of CJSC Baku Stock Exchange at a face value of 200 manat each. The company has a license for brokerage and dealer activities. ----08B
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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