The shares of United Credit Bank totaling 1 million manat were placed at Baku Stock Exchange.
Issue of 17.5 million ordinary registered uncertified shares of nominal value of AZN 2 was registered by the end of February this year. According to the exchange, all shares were sold in two transactions (two investors).
Underwriting was provided by Chelsea Capital LLC. By now they have placed 11.1% (3.9 million manat) of the announced issue. According to the legislation, an issue is held in the case of placing a half of it. The paid charter capital thus reached 24.01 million manat.
The major shareholder (88.78 % of the equity) is LLC United Business Co. The remaining shares are divided between two individuals. - 15B -
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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