Open Joint Stock Company Parabank increases share capital immediately to AZN 16 million. This means that by the end of the year there are still a few issues of the bank to meet the request of the Central Bank of Azerbaijan (CBA) on July 25, 2012 to increase the total capital to 50 million manat.
According to the State Committee for Securities on 10 July registered with ISIN-code AZ1001003800 issue prospectus of ordinary shares of Parabank. According to it, the bank may issue 80 thousand shares with par value of AZN 200 each.
Parabank was created December 3, 1991. It includes 80.49% owned by five individuals and 19.51% owned by 14 minority shareholders. On 1 April 2012 the total capital of Parabank was 13.85 million manat and the share capital was 11.57 million manat. - 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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