Silk Way Development Ltd. announced on December 2 on the lowering of the authorized capital of up to 493,630 manat. It is strange that in September this year in the press, it was announced that it downgraded the company's capital from 8.27 million manat to AZN 200,000.
The company was established in December 2011 with a capital of 220,000 manat. According to the state register of commercial legal entities, the founder of Silk Way Development Zaur Akhundov is, who is the president of the group of companies Silk Way Holding.
According to the Register of Enterprises of Latvia, Ltd. Silk Way Development Ltd. is the owner of Silk Way Investment (Azerbaijan).
In April this year Silk Way Investment concluded with the Riga International Airport, a contract to build within two years of the logistics center of goods in the area of 5.5 hectares. Silk Way Investment is to invest EUR 40 million in the project.
Silk Way Development Ltd. is part of a group of Silk Way Holding. Holding unites more than 20 companies in Baku and abroad (SW Airways Inc., SW Cargo Inc., SW G650 VIP Jets SA, SW G650 Business Jets SA, SW Business Jets SA, etc.). --- 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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