OJSC Parabank (obvious candidate for consolidation) plans to increase the share capital by 23.2% - to 38.887 million manat.
According to the State Committee for Securities, which on October 27 registered the prospectus of additional issue by this private bank, the package of securities with a total value of 7,316,600 manat is divided into 36 583 shares with par value of 200 manat.
Now the bank's authorized capital is 31,570,400 manat. The bank should bring the authorized capital to up to 50 million AZN by January 1, 2015. Otherwise it will have to say goodbye to banking activities as required by the Central Bank.
Parabank was established in 1991. Its shareholders are 2 businesses and 18 individuals. --17D-
Economics
-
On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
-
The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
-
Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
-
Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
Leave a review