Shares of Qafqaz Inkishaf Banki totaling AZN 6 mln were posted on the BSE. The issue of 40 million ordinary registered non-documentary shares of 1 manat passed state registration in December last year. According to the Exchange, all the shares were sold in two transactions (two investors).
Underwriting was provided by Chelsea Capital LLC. Today they have posted 37.5% (AZN 15 million) of the announced issue. According to the legislation, an issue is considered valid in case of placing half of it. The paid charter capital thus reached AZN 30 million.
The bank is owned by 1 legal entity and 12 individuals. It is noteworthy that the number of shareholders of the bank was ten, and with the arrival of three new shareholders the share the main shareholder of the bank and the chairman of its Supervisory Board Eldar Ismailov fell from 57.3% to 45.9%. -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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