The State Committee for Property Affairs (SCPA) published the results of the February 21 auction for the sale of shares of privatized stock.
On the repeated auction 9.69% of shares of Avtomotoservis ve Ticaret were sold at the price of AZN 1 per share, 50% of the nominal value. Last November, an auction for the sale of 25,275 shares of this stock was competitive and some investor committed to pay 600,000 manat, or 24 times more than the starting price, for them. But later it turned out that the auction was announced abortive, as the winner refused to pay that amount.
It is noteworthy that this time SCPA gave the name of the company as OJSC Avtomotoservis.
Stock market participants have noted that in reality the shares of this JSC are highly rated and cost at least 8 manat (US $ 4). This is connected with the area occupied by this enterprise - more than 1 hectare of land in a prestigious district of Baku, near the Sheki restaurant. ----08B
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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