...

Caspian International Investment Company registers new body in Azerbaijan

Business Materials 3 February 2012 18:43 (UTC +04:00)

Azerbaijan, Baku, Feb.3 / Trend N.Ismayilova /
The Caspian International Investment Company (CIIC) has completed the registration of the "TARLA" company to implement its fourth project in the Azerbaijani agricultural sector, "single window" on the official website of the Taxes Ministry said today.

The company was registered with a capital of 500,000 manat on Jan. 9, 2012. Its legal representative is Mahmud Jafarov. The founder of the company is the CIIC. Members of the company's supervisory board are Orhan Agalarov, Togrul Kocharli, Farhad Hadjinsky.
"It is planned to invest about 1.5 million manat in this project within the next three years," Kocharli said.
Authorized capital of the CIIC is 31 million manat, while investment portfolio for the three previously implemented projects - $16 million.
The CIIC was registered in March 2008 as a closed joint stock company with an initial capital of 2.954 million manat. The company was established by the Azerbaijan Investment Company and the Islamic Cooperation for the Development of the Private Sector. At present, the list of the company's shareholders has expanded. The Kuwait Investment Company Hares Group, Yemeni Al Ahmar Group, Sudanese MAM Group, and Dubai TANMIYAT Group, as well as the Islamic Development Bank, are among the company's foreign shareholders.
The share of foreign shareholders in the CIIC capital exceeds 23 million manat.

According to the strategy, CIIC investments will be directed toward the real economy, except oil and gas production, the companies producing alcoholic beverages and pork products, which is contrary to the principles of Shariah, as well as banking and insurance companies operating in accordance with the standard conditions of funding and rendering insurance services.
The official exchange rate is 0.7863 AZN/USD on Feb. 3.

Latest

Latest