Baku Stock Exchange on Sept. 23 for the first time released information on insider trade.
Rules of the State Committee for Securities on the prevention of abuse in the securities market act in December 2012. However, BSE, despite the presence of dozens of insider trading , began to make public their only now.
In one of the notary offices in Baku on 6 June 2013 were recorded two transactions on purchase and sale of shares of AXA MBASK, concluded between Eldar Garibov and the company AXA Seguros Generales, SA, De Seguros Y Reaseguros (Kingdom of Spain). Information regarding these transactions was provided by the BSE on August 12.
According to the above rules, the information on insider transaction must be provided to the SSC and the issuer in a single day. An insider in turn publishes the information through the corporate website and the BSE. Thus, the information was published too late.
After the two transactions, the Eldar Garibov share in JSC AXA MBASK decreased from 37.7 % to 16.07 % (3,675 shares). Prior to placement of shares in the summer of this year he owned 49% of shares of the insurance company. Transactions are furnished at a nominal value of shares - 382 manats per share.
After these transactions, the Spanish company owns 83.92 % or 19,185 shares of JSC AXA MBASK. It entered the capital of the Azerbaijani insurance company in 2010. AXA Seguros Generales, SA, De Seguros Y Reaseguros is a subsidiary of the French insurance company AXA Group.
The insurance company AXA MBASK was created in 1992. The paid-up share capital is 8 million 732.5 thousand manats. It is among the top ten insurance companies in Azerbaijan in terms of premiums collected and payments made??. In 2012, the net profit amounted to 109 thousand manats.
AXA Group is present in 57 countries and has a diversified business in markets with a strong presence in Europe, North America and the Asia -Pacific region. AXA serves 102 million customers, both individuals and companies. In 2012, the AXA premiums in Spain amounted to 3.249 billion euros, making it one of the leading companies in the Spanish insurance sector. 08B-
-
Economics
-
On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
-
Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
-
Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
-
While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
Leave a review