The shares of Azerbaijan Credit Bank, starting from the 13th of March in Baku Stock Exchange, can be considered valid. As of March 18 were placed 63.7% shares of the bank, which intends to increase its authorized capital to the required level - 50 million manat.
According to the BSE, six transactions attracted about 25 million manat. Thus, the paid-up share capital reached 36 million 383 thousand manat.
In January of this year the issue of shares totaling 38 million 752 thousand manat was registered. Shareholders are three members of the family Abbasovs in Baku. Who pays for the new issue is not known.
It is noteworthy that even after full payment of the authorized capital of Azerbaijan Credit Bank it will not meet the requirement of the Central Bank on the size of the total capital. The fact is that, as of 31 December 2014 its capital, taking into account the outstanding 6.3 million of losses, amounted to only 5 million manat. Thus, the bank will have to seek additional capital.
In terms of assets (21.6 million manat) Azerbaijan Credit Bank lags behind many banks in the country. 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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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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