Baku Stock Exchange April 4, 2013 to begin placement of interest-bearing book-entry registered bonds of FinansLizinq.
The State Committee for Securities registered at the end of March this year, the prospectus of FinansLizinq bonds and the total amount of 500 000 manats. The nominal value per bond is AZN 500, period is 720 days, and the annual interest rate is 14%. The underwriter of the securities is LLC Texnika Capital Management.
In the current year, the company launched bonds totaling 900 thousand manats, while for the whole of last year there bills in the amount of 700,000 AZN.
FinansLizinq has operated in the leasing market since 2007. Its shareholders are 16 individuals. - 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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