Issue of shares of the family bank of JSC "Parabank" in the amount of 16 million manat failed. Over a year the bank failed to place 50% of the additional issue of shares.
State Securities Committee recognized invalid emission of shares of "Parabank", which belongs to the family members of Eldar Guliyev and several other individuals and legal entities.
Currently paid-up share capital is 11 million 570.4 thousand manat, including 2.3 million manat - preferred shares. At the same time since 2003 the bank paid dividends on preferred shares only.
Prior to 2015, the minimum authorized capital of commercial banks should be raised to 50 million manat. Only a few of the 43 banks failed to comply with this requirement of the Central Bank.
In April this year the JSC "Parabank" started placing unsecured corporate bonds worth 13 million manat, which will be in circulation for 7 years. Bank had to pay him 15%. Analysis of the daily trading sessions of the Baku Stock Exchange (BSE) shows that investors have shown little interest in securities of "Parabank", creditor debts of which exceed 100 million manat. --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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