At the May 27 general meeting of shareholders on the results of 2013, it was decided to send the net profit of JSC Capital Bank for the payment of dividends to the shareholders. The bank also increased its registered capital by 24 % due to retained earnings at the end of 2012.
By the end of 2013 the shareholders received dividends totaling 21 million 301 thousand manats. Stock returns at face value of AZN 10 were 14%. Profit of 35 million 850 thousand manats will be forwarded to increase the authorized capital. Thus, the nominal value of the shares was brought to AZN 12.39.
Shareholders of Capital Bank approved the report for 2013. The Management Board informed the shareholders that the preliminary figures give grounds for assuming a higher return on equity.
JSC Capital Bank has about 170 shareholders. The holder of 99.84 % of its shares is LLC Pasha Holding. The bank was privatized in 2007. Since that time, no dividends were paid and the authorized capital was increased from 24 million to 150 million manat. -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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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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