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 Milli Majlis ratified the second amendment to the agreement on the joint development of the Azeri-Chirag-Gunashli (ACG) oil and gas block during its plenary session on Wednesday. The bill was submitted to parliament as a legislative initiative by President Ilham Aliyev.
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The 104th meeting of the Commonwealth of Independent States (CIS) Economic Council was held in the Russian capital, with representatives from member states discussing enhanced economic collaboration and key regional initiatives. Azerbaijan was represented by First Deputy Prime Minister Yagub Eyyubov.
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Azerbaijan’s Information and Communication Technologies Agency (IKTA) reported significant improvements in the quality of internet and telecommunications services in the first half of 2024, driven by a comprehensive assessment framework and enhanced regulatory measures.
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In 2024, Azerbaijan will double its gas supply to Bulgaria, which not only uses this gas for its own needs but also partially sends it to its Balkan Gas Hub and, by agreement with SOCAR, organizes the transit of various volumes to its neighbors.
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