The holding company JSC Synergy Group established an investment company LLC Shamkir Capital Group in Shamkiir, in which it originally invested 200 thousand manat.
The Supervisory Board of the new company consists of the same parties that form the Supervisory Board of the parent company: Deyaten Guliyev, Agasamed Efendiev and Fakhriyar Jabbarov.
Prior to that Synergy Group JSC founded several commercial structures in Shamkir, including Excelsior Hotel Shamkir, AzAgro, Zeyem Tekhnologiyalar Parki, and Shamkir Agropark.
Synergy Group (99% owned by Ashraf Kamilov) is one of the fastest growing holdings in Azerbaijan. This year it will mark the fifth anniversary. In a short time the number of its companies has exceeded 30. The capital of the company reached 50 million manat, while the losses were 33 million manat. The assets rose to 136 million manat as of December 31, 2013. Recently, the group purchased Kovsar Bank JSC. ---08B
Economics
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Eel Electric LLC, a resident of the Agdam Industrial Park, has completed 85 percent of the construction of its power distribution equipment and power sockets plant, the Ministry of Economy announced on Monday.
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The State Tax Service (STS) of Azerbaijan has issued an urgent warning to citizens regarding a surge in fraudulent activities exploiting the name of the country's VAT refund project. According to the STS, cybercriminals have been creating counterfeit websites and online pages that closely mimic the official internet resources of the State Tax Service, luring unsuspecting citizens with promises of VAT refunds.
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On July 30, a meeting of the Working Group on "Inflation and Price Monitoring" was held under the chairmanship of the Head of the Cabinet of Ministers, Rufat Mammadov, to discuss price changes in Azerbaijan's consumer market and the government's anti-inflationary measures this year.
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Azerbaijan's foreign trade balance showed a positive surplus of $4 billion in the first half of 2024, according to data from the Central Bank of Azerbaijan (CBA) on the parameters of the interest rate corridor.
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