Shares of Zaminbank for a total of 2.5 million manat are available on the BSE.
Emission of 50 thousand ordinary registered non-documentary shares of AZN 200 was registered by the end of December 2012. According to the Exchange, all the shares were sold in a single transaction (one investor).
The underwriting services were provided by Texnika Capital Management Ltd. Today there has been posted 75% (7.5 million manat) of the announced issue. According to the legislation, an issue takes place in case of placing half of it.
Paid-up share capital of the bank, thus, reached 39.682 million manat. Major shareholder of Zaminbank operating since 1992 is the chairman of the Supervisory Board Nadir Ismayilov (99.07%). - 15D -
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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