The shares of "Bank of Azerbaijan" for a total of 4.7 million manat posted on Friday on BSE.
Emission of 825 thousand ordinary registered non-documentary shares of 20 manats passed state registration in August 2012. Underwriting services were rendered by Respublika Invest LLC.
According to the exchange, all shares were sold in two transactions (the two investors). At present, there has been placed 100% of the announced issue.
The paid-in share capital of the bank, thus, reached 50 million manat. Existing shareholders in 1993 "Bank of Azerbaijan" are 3 individuals and one entity, including Kanan and Sanan Mammadov (at 43.635% of equity), Mubariz Mammadov (12.06%) and NEM Holding (0, 67%).
The minimum requirement for total capital of banks with July 2007 is 10 million manat. According to the CBA's decision last year to 1 January 2014 this figure will reach 50 million manat. - 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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