The State Committee for Securities registered the issue prospectus of interest-bearing book-entry unsecured bonds of Visa Credit, for a total amount of 500,000 manats.
According to the prospectus, the placement will be held through public offering at Baku Stock Exchange (BSE).
According to the BSE, the nominal value of one bond is 1,000 AZN, the term is 5 years and the annual interest rate is 12%. The underwriter of the securities is LLC Tekhnika Capital Management.
Visa Credit has been in effect on the financial market since October 2011. At the beginning of this year, the credit portfolio of the organization was at 606.3 thousand manats. - 15D -
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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