The official distributor of the Russian automaker AvtoVAZ in Azerbaijan, OJSC Khazar-Lada has decided to release corporate bonds in the amount of 5 million manat.
The decision was made by the shareholders of Khazar-Lada on the recommendation of the Supervisory Board. Attraction of additional investment to the development of the society will be carried out on bail of the company's property. Funds are required for the purchase of new models of Lada.
In 2013, the sales of Lada in Azerbaijan declined from 9,675 (2012) to 4,592. The main reason for the decline in the sales volume is application of new technical standards for motor vehicles in Azerbaijan. Revenues from sales amounted to 32.3 million manat, decreasing by 41.5%. Net profit of JSC Khazar-Lada decreased by 5.6 times and amounted to 100 thousand manat, of which 40% was directed to the payment of dividends.
It should be noted that AvtoVAZ is going through a serious crisis - production of the automaker declined nearly 10 times in the first quarter.
Shareholders of Khazar-Lada are AvtoVAZ and 15 individuals. The Chairman of the Company Fahraddin Gasimzadeh controls 67% of its shares. -08B-
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