The insurance company Baki Sigorta increases registered capital by almost a third to 8,373,780 manat.
According to BSE that placed the securities of the insurer, redemption of shares in the amount of AZN 1,849,940 starts today. Additional issue consists of 2,434 shares with par value of 760 manats.
The underwriter of the IPO is Chelsea Capital.
Baki Sigorta Insurance Company started operating on October 1, 2007. Its shareholders are 4 legal entities and 2 individuals. The main shareholder is Bank Respublika.
The authorized capital of the company still makes AZN 6,523,840. -17D-
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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