Azerbaijani insurance company increases its authorized capital

Photo: Azerbaijani insurance company increases its authorized capital
 / Economy news

Baku, Azerbaijan, March 19

By Emin Aliyev - Trend:

Azerbaijani State Committee for Securities (SCS) registered the issue prospectus of ordinary registered book-entry shares of Mega Sigorta OJSC.

The issue volume is 1,500,000 Azerbaijani manats, according to a message from the Baku Stock Exchange (BSE).

Some 300 shares, at par value of 5,000 manats each, were issued as part of the emission.

The deal's underwriter is the Chelsea Capital LLC.

As a result of the emission placement the company's authorized capital will be increased from 10.5 million manats to 12 million manats.

Azerbaijani Finance Ministry kept the requirements for minimum amount of the non-life insurance companies' total capital at the level of five million manats.

Mega Sigorta insurance company began operating under the new brand on October 1, 2010 and has a license for rendering 29 kinds of insurance services, including three mandatory ones.

The official exchange rate for March 19 is 0.7843 AZN/USD.

Translated by E.A.

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