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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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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