At the May 18 general meeting of shareholders of OJSC Uni Bank a deal of special significance was approved. It is a term loan agreement with ING Bank N.V. (Netherlands) in the amount of 15 million USD, signed on November 13, 2014. By the decision of the shareholders, permission was given for extension of the agreement until November 15 of this year.
According to Article 99.3 of the Civil Code, deals of special significance (such deals are in excess of 25% of the company's own assets) are subject to approval by the shareholders, as well as published.
This legal provision has been in force since 2004. But the majority of joint-stock companies do not adhere to it.
From this year corporate information subject to disclosure should be posted in the electronic disclosure system (https://disclosure.az/) controlled by the Financial Market Control House. ----08D
Economics
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As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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