The demolition started of the 12-storey building of the Baku Hotel located in the center of the capital in from of Samad Vurgun Square. In its place, the owners are planning to build a new hotel that would meet modern requirements.
The decision to build a new building was taken six years ago, but was not put into life because of financial problems, said the board chairman of Mehmanxana Baki JSC Khanlar Abbasov. The JSC representative noted that the rights of minority shareholders (168 individuals) will not be violated in attracting investment for this project. Major shareholders represented on the Supervisory Board intend to buy shares from those wanting to sell them at a bargain price. The remaining shareholders will receive dividends from the business.
JSC Mehmanxana Baki was privatized in 1998 through voucher privatization. In circulation are over 800 thousand shares of AZN 2.
In previous years, the hotels Moscow, Azerbaijan, South, Old Intourist, Sherq, etc were privatized through creation of JSC. At the site of the first two hotels were built a complex of hotels and business centers Baku Fires and Hilton Hotel Baku. - 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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