On July 22 the JSC "Rabitabank" starts accommodation of 492,854 ordinary uncertificated shares of nominal value of AZN 20.29, according to the Baku Stock Exchange.
The issue of shares was included non- quotation list of the Stock Exchange. According to the prospectus of emission, the placement will be through mass offering. Underwriter of the placing will be a stock brokerage company, LLC "Chelsea Kapital".
After full placement of new stocks the authorized capital of the bank will increase for the quarter, and will reach 50 million manat.
Shareholders of the bank are five individuals and 13 legal entities. - 15B -
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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