Azerbaijani Buta Sıgorta insurance company starts to sell shares

Photo: Azerbaijani Buta Sıgorta insurance company starts to sell shares / Economy news

Baku, Azerbaijan, April 21

The placement of the ordinary, nominal, undocumented shares of "Buta Sigorta"OJSC will be launched on April 23 at the Baku Stock Exchange.

The placement volume is 4 million manat.

Some 200,000 shares at a nominal value of 20 manat each will be issued within the emission. The underwriter of the deal is "Çelsi Kapital" JSC.

"The company has applied to Baku Stock Exchange CJSC for inclusion of it's ordinary registered book-entry shares to the non-quotation list of BSE," the statement said.

Last date for placement is determined until March 1, 2015.

After the placement of the emission, the authorized capital of the company will increase from the current 7.3 million to 11.3 million manat, which two times exceeds the minimum requirement of insurance companies' capitalization regulator.

The Azerbaijani Finance Ministry upheld the requirement for the minimum amount of total capital of insurers operating by non-life type, at the level of five million manat.

Azerbaijani insurance company Temza Sığorta Qrupu has been renamed to "Buta Sigorta"OJSC.

The re-branding of the company occurred due to change in the board of shareholders.

Now the company has six shareholders - Bank of Baku, Baku Electronics, Baku Service Company, Auto Azerbaijan and Qafqaz Lizinq which own a 19 percent share each and NAB Holding with five percent.

The official exchange rate on April 21 is 0,7843 AZN / USD.

Translated by S.I.
Edited by S.I.

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