Baku Stock Exchange arranged the full placement of 8445 shares of JSC AFB Bank on September 24.
BSE reported on September 26 that the shares were purchased by one investor. The bank does not provide for pre-emptive rights for the existing three shareholders. Most likely, the shares were bought up by LLC Gilan, paying 10,682,925 manat at once. This company until recently owned accommodation of 99.57% stake in the bank.
Thus, the paid-up share capital of JSC AFB Bank exceeded 70 million manat. The bank has one dormant subsidiary (AFB Capital with registered capital of 100 000 manat).
JSC AFB Bank was established in July 2008. By the beginning of this year, the shareholders' equity was 42.3 million manat. This year, the shareholders have revised its size three times.
At the beginning of this year JSC AFB Bank assets were 234.3 million manat. --08D--
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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