Former US and Russian Ambassadors to Azerbaijan Lose Their Positions

The former US Extraordinary and Plenipotentiary Ambassador to Azerbaijan Matthew Bryza and his counterpart from Russia Vasily Istratov lost their positions of members of the Board of Directors of JSC AzNar named after Teymur Ahmedov. The decision was taken at a general meeting of shareholders of the company, 99.94% shares of which are owned by Farhad Akhmedov, a Russian billionaire of Azeri origin.

At the general meeting it was decided to abolish the Board of Directors of JSC AzNar. Under the law, companies with fewer than 50 individual founders may not have the Board of Directors. Besides former ambassadors, the Board also included Farhad Akhmedov and Christos Arvanitakis.

The press report for 2014 noted that last year the company producing pomegranate and fruit juices had a profit of 32.4 thousand manats. After deducting the income tax, the remaining 23.3 thousand manats was directed to payment of dividends.

In addition, last year the company repurchased 1,511 shares of treasury stock at a price of 25 manat each. At the meeting it was decided to sell these shares in compliance with the requirements of the priority right of existing shareholders when buying.

In circulation there are over 15 million shares of AzNar with a total nominal value of 30 million manats. This cmpany also owns 1,614,787 shares (99.52%) of CJSC AzNar. --08B--