Baku, Azerbaijan, April 23
Trend:
The start of the Gunay Sigorta OJSC ordinary registered book-entry shares placement at Baku Stock Exchange CJSC is planned to be held beginning from May 5, 2014.
The placement volume is 1.2 million manat.
Some 1,200 shares at par value of 1,000 manat have been issued. Placement`s underwriter is "Texnika Kapital Menecment" LLC
The placement will be ended in November 2014.
Azerbaijani Finance Ministry suspended Gunay Sıgorta's license on February 24, 2014. In accordance with the legislation, the insurance company needs to align its aggregate capital with the Finance Ministry's minimum requirement within six months in order to reinstate its license. The minimum amount of total capital of insurers, operating in the non-life insurance sector, is set at the level of five million manats.
After the new and previous issue placement the company's authorized capital will increase up to 7.6 million manats, while the total capital will be 6.7 million manats.
Azerbaijani joint-stock bank Gunay Bank is the sole shareholder of Gunay Sıgorta, which has been operating since 1992.
The official exchange rate on April 22 is 0.7843 AZN/USD.
Translated by S.I.
Edited by C.N.