Supervisory Board of JSC "Mehmankhana Baku" convened on May 25 the shareholders' meeting, with the main topic of the agenda to attract investment and manage a plan of action on the demolition of the hotel located in the center of the capital and the Samad Vurgun square in front of them. It began in November 2012 and would probably be finalized in May this year.
The Chairman of the "Mehmankhana Baku" Board Khanlar Abbasov did not unveil plans towards the planned investments. "The scope and form of investments, as well as their direction will be discussed by the shareholders themselves," he said.
Investments in fixed capital from shareholders and other investors are considered raising capital, and may be taken to the capital to issue new shares, or increasing the par value of traded shares, the head of the legal department of the State Committee for Securities Kamran Babayev told Turan.
At the same time, minority shareholders do not have information not only about the plans for future activities of the Company, but also the holder of a majority stake. "My appeal to the board with a request for the register of shareholders and other documents was ignored. So I went to court to protect my rights," the owner of 1% of the shares of "Mehmanxana Baki" Ramiz Aliyev told Turan. According to his unconfirmed information, on the site of the demolished 12-storey building, a 19-storey hotel is to be built.
Shareholders (about 170 individuals) of "Mehmanxana Baki" consider the composition of the Supervisory Board and Management Board.
Note that of the numerous hotel buildings built in Baku during the Soviet period, only "Hyatt Regency Naxchivan" and "Sherq" have remained. The others ("Moscow", "Azerbaijan", "Old Intourist", "South", "Absheron", "Turan" and others) were privatized and demolished. In their territory were built high-rise buildings - hotels and business centers "Baku Fires", "Hilton Hotel Baku", "ISR Residence I", "JW Marriott Hotel Absheron" and other property. - 08D -
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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