Baku Stock Exchange (BSE) launched the placement of additional shares of AFBBank. According to the information on the site leading trading platform, today this financial structure begins repayment of the securities in the amount of 10,682,930 manat. If the transaction is successful, the share capital of the bank will increase 17.89% - up to 70,393,360 manat.
The shares of additional issue have not been included in the quotation list of BSE. According to recent reports, the bank has started placing 8,445 securities with par value of 1,265 manat each.
JSC AFBBank has the current registered capital of 59,710,430 manat and received a banking license on 28 November 2008. The shareholders are the legal entity LLC Gilan with 99.2% and two individuals. --17D-
Economics
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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