The shares of Expressbank for a total of 8.6 million manat were posted on BSE.
Issue of 31,479 ordinary registered non-documentary shares of 273.20 manat was registered by the middle of August. According to the exchange, all the shares were sold in three transactions (three investors). The underwriting services were provided by Unicapital.
The paid charter capital of Expressbank, therefore, increased by 10.9 percent to 87.41 million manat.
The shareholders are four legal entities, including LLC ADOR (42% of the equity) and LLC Azenko Group (40%). - 15B -
Economics
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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