The Baku offices of three leading international auditing companies joined the collective agreement for the implementation of the Listing Consultation Program (LCP). The number of participants in the project has reached 10, but there is no pioneer in mass offering of shares in Azerbaijan.
BSE reported today, on September 10 that Baker & Tilly, PwC and EY joined LCP. This program includes the provision of information and advisory services to companies that intend to attract funding from the capital market. JSC Golden Pay took the first steps in this direction. So far, the market has not started to IPO.
LCP is a set of professional advisory services free of charge. Azerbaijan's realities are such that public companies have no interest in the capital markets, that is cheap money. Many of them attract the necessary funds from the banks, while reaching to 20% annual interest rate. The main reason is that Azerbaijan's economy is highly susceptible to corruption, and many companies are working on double-entry bookkeeping.
LCP presentation took place in April this year. --08D--
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