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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Azerbaijan's President Ilham Aliyev signed a decree introducing changes to a number of presidential decrees aimed at amending the country's Tax Code in connection with the adoption of Law No. 98-VIIQD on December 16, 2024. The decree, published on Tuesday, introduces significant changes designed to simplify tax refunds for various goods and services and improve the rules for refunding value-added tax (VAT).
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SOCAR Türkiye Enerji AS (STEAS), the Turkish subsidiary of Azerbaijan's state oil company SOCAR, has announced an ambitious plan to build new production facilities for ethylene, polyethylene, and polypropylene (polyolefins) in Turkey. This initiative comes as the country grapples with a widening supply-demand gap, with nearly 90% of its polyolefin needs currently being met through imports.
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The tourism industry in Azerbaijan is experiencing remarkable growth in 2024, driven by post-pandemic recovery and strategic government initiatives. From January to November 2024, the country welcomed 2.412 million foreign tourists, marking a 27% increase compared to the same period in 2023. Projections suggest that the total number of visitors by year-end could reach 3 million, underscoring the sector's impressive trajectory.
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In the first 11 months of 2024, Azerbaijan's consumer market demonstrated steady growth, with the total value of goods and services reaching 67.4 billion manats, a 4.8% increase compared to the same period in 2023. This growth underscores the resilience of Azerbaijan's economy, which continues to adapt to global and domestic challenges.
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