Unibank reports that the emission of shares has been registered with the state authorities and, in compliance with the current legislation, Unibank has started to accept applications for the purchase of shares. The shareholders have reached an agreement in principle on the key parameters of a recapitalisation and will apply for internal approvals. According to the agreement, it is planned to significantly increase the share of the participation of international financial institutions in the bank's capital. However, the controlling stake will remain in the hands of the local shareholders. According to the conditions of this emission, the shareholders of the bank have the preferential rights to buy the shares and all emission will be acquired by the current owners of the bank. The attraction of new shareholders is not planned.
Unibank is one of the biggest commercial bank of Azerbaijan. 76% of the bank’s shares belong to local shareholders. 24% of shares belong to international financial institutions: The European Bank for Re-construction and Development (EBRD) and Deutsche investitions-und Entwicklungsgesellschaft MBH (DEG)
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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