On 13 September the Baku Stock Exchange held a full offering of shares of JSC AzerEnergy with the total nominal value of over 200 million manat. The shares were purchased by the sole shareholder of the public joint stock company - the State Committee on Property.
The shares were issued in August this year.
State operator for the production and distribution of electricity in Azerbaijan was funded in 1998. However, the issue of shares took place only in 2008. Previous public offering by AzerEnergy was held in December 2011. Issue of shares is primarily due to government investment in fixed assets of the company.
Thus, the share capital of JSC AzerEnergy reached 1,760.4 million manat. This is the highest registered capital of public and private companies in Azerbaijan. - 08D-
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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