State Committee for Securities registered the issue prospectus of 3 million shares of Capital Bank with par value of AZN 10 on July 3. The existing shareholders, as in the previous issue, are given the right to buy a proportionate amount of their equity shares of a new issue for three days.
According to the Baku Stock Exchange report on Thursday, the placement of the new issue of shares of the bank will not begin until 15 days after the registration at the SSC, that is 18th of July. On a specific date IPO investors will be notified via the Internet site of Capital Bank within 10 days after the date of issue.
Underwriter of the stocks is LLC Chelsea Capital. For placement of shares therre has been set a 365-day period. However, it can be finished after the sale of the last campaign.
OJSC Capital Bank has 169 shareholders, including 168 individuals. The paid-up share capital is 50 million manat. Ltd. Pasha Holding owns 99.81% or 4,990,706 shares.
OJSC Capital Bank has not paid dividends since 2008. On the first of April this year, the total capital of the bank amounted to 118.8 million manat. - 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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