Azerbaijani AXA MBASK raises capital by more than 63 percent

Photo: Azerbaijani AXA MBASK raises capital by more than 63 percent
 / Economy news

Baku, Azerbaijan, Feb. 4

By Abbas Akhundov - Trend:

Azerbaijani State Committee for Securities (SCS) registered the issue prospectus of AXA MBASK's ordinary non-documentary nominal shares worth 5.5 million manats, according to the committee's message.

Some 14,400 shares at par value of 382 manats each will be issued as part of the emission. As a result of the emission placement the bank's authorized capital will reach 14.23 million manats.

Azerbaijani Finance Ministry will keep the requirements for the minimum amount of total capital of the insurance companies engaged in the non-life insurance, at the level of five million manats, according to the ministry's draft decision on defining the minimum amount of capital required for the insurers.

The minimum size of total capital of the new insurance companies engaged in the non-life insurance should also stand at the same level (five million manats).

In October 2010, the MBASK insurance company changed its main shareholder. The controlling stake in the company (51 percent) was acquired by AXA Group (France) through its subsidiary AXA Seguros Generales, S.A, De Seguros Y Reaseguros (Spain). On December 7, 2010, MBASK's licence was updated to AXA MBASK due to the change of the company's name.

The capital's structure changed in summer 2013 and today 84 percent of the company's share capital belongs to AXA Group and 16 percent belong to individuals.

The official exchange rate on Feb. 4 is 0.7843 AZN/USD.

Translated by E.A.

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