Commercial Bank OJSC Qafqaz Inkishaf Banki plans to increase the share capital by 40 million or 3.7 times, bringing it up to 55 million manat.
According to BSE, the corresponding prospectus of 40 million ordinary registered non-documentary shares of 1 manat was registered by the State Committee for Securities. Underwriter Company shares will perform Chelsea Capital.
Currently, the authorized capital of the bank is 15 million manat. The main shareholder is the chairman of the Supervisory Board Eldar Ismailov (57.3%), the remaining 42.7% are distributed between 9 shareholders. - 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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