Azerbaijani AXA MBASK insurance company starts shares placement

Photo: Azerbaijani AXA MBASK insurance company starts shares placement
 / Economy news

Baku, Azerbaijan, March 11

By Abbas Akhundov - Trend:

The placement of 5.5 million manats worth shares of Azerbaijani insurance company AXA MBASK will start at Baku Stock Exchange (BSE) on March 12, according to a message from the BSE.

The emission prospectus includes 14,400 shares with a par value of 382 manats each.

"AXA MBASK has applied to Baku Stock Exchange for inclusion of its ordinary registered book-entry shares to the non-quotation list of BSE," according to the message.

The placement underwriter is Unicapital LLC.

As a result of the share placement the company's authorized capital will reach 14.23 million manats.

Earlier Azerbaijani Finance Ministry kept the requirements for minimum amount of the non-life insurance companies' total capital at the level of 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 structure of the company's capital changed in summer 2013 and today 84 percent of its share capital belongs to AXA Group and 16 percent belong to individuals.

The official exchange rate on March 11 is 0.7844 AZN/USD.

Translated by E.A.

Follow us on Twitter @TRENDNewsAgency