By the decision of the extraordinary general shareholders' meeting of AG Bank on March 4, the prospect of charter capital growth by 5 times to 125 million manat was approved.
According to the information, in the near future the State Committee for Securities will receive applications for the registration of share issue in the amount of 100 million AZN.
JSC AG Bank with a capital of 25 million AZN has been active since 1992. The major shareholders are Chinghiz Asadullayev (23.27%), Farzulla Yusifov (17.767%), the International Finance Corporation (17.5%), and Kazimir Partners (10%). In addition, the bank has 60 minority shareholders with a total share in the bank's capital at the level of 31.47%. --17D-
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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