The government could not cope with the schedule of the privatization of state shares in the Joint Stock Company "International Bank of Azerbaijan", has the third country's banking assets.
In December 2011, it was officially reported that the consulting consortium finalized the first preparatory stage of the project of privatization of the state share in the authorized capital of IBA. The second phase involved the final preparation of the necessary documentation for the privatization of the bank and the final determination of the list of potential buyers. The same stage, which was completed in mid-2012, includes clearance sale stake privatized bank.
The State Committee on Property left without comment the situation surrounding the privatization of the bank.
It is noteworthy that the privatization of the IBA has coincided with the placement of additional issue in the amount of AZN 100 million and bringing the capital to 340 million manat. The Ministry of Finance has paid the government stake in the issue (50.2%). However, since the issue (June 2012) Other shareholders (about 1800 local and foreign legal entities and individuals) refrain from buying at par them to have shares. The fact is that the market value of shares of IBA is today in the range of 19-20 gepiks at par value of 24 gepiks.
They have not yet made public the independent audit opinion on the consolidated balance sheet of IBA in 2011. The auditor's report on the balance sheet of the bank for 2010 was posted on the IBA in August last year.
The consortium of consultants to privatize IBA includes LLC PricewaterhouseCoopers Audit Azerbaijan, Rothschild & CIE and the law firm Salans UK Limited. -08 -
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review