Qafqaz Inkishaf Banki posted nearly 96 % of the announced issue of shares
Shares of JSC Qafqaz Inkishaf Banki totaling 1 million manats posted on the BSE.
Issue of 40 million ordinary registered non-documentary shares of 1 manat passed state registration in December last year. According to the exchange, all shares were sold in two transactions (two investors).
Underwriting was provided by Ltd. Chelsea Capital. To-day there has been placed 95.5% (38.2 million manat) of the announced issue. The paid charter capital thus reached 53 million manat.
Shareholders are one legal person and 12 individuals It is noteworthy that the number of shareholders of the bank previously was ten, and with the arrival of three new shareholders share of the bank's major shareholder and chairman of the Supervisory Board Eldar Ismailov fell from 57.3% to 45.9 %. - 15B -
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review