The JSC «Muganbank» started placement of additional shares in the amount of 5 million manat. According to the Baku Stock Exchange, this is done in order to increase the authorized capital to 55 million 200 manat (+ 10%).The additional issue will be placed in the alternative segment, and the securities included in the stock exchange listing. It is planned to sell 25,000 shares with the par value of 200 manats. Underwriter of placement is the "Investment Unicapital». The JSC «Muganbank» with registered capital of 50 million 200 manat is valid since November 1992. The main shareholder (65.5% share) and the Chairman of the Supervisory Board is Elmir Mehdiyev. His father Macbeth Mehdiyev has 13.1% of the shares, Wafa Veliyeva - 12.05%, and Farida Mehdiyva - 11.35%. --17D-
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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