Azerbaijan Senaye Sigorta increases capital by over a third

Photo: Azerbaijan Senaye Sigorta increases capital by over a third / Finance

Baku, Azerbaijan, Aug. 26

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"Azerbaijan Senaye Sigorta" OJSC increased the nominal value of own shares by 34.8 percent.

The insurance company registered the issue of ordinary, book-entry, registered shares for a total amount of 11 million manat in the State Committee, according to the Azerbaijani State Committee for Securities.

A total amount of 5,000 shares at a nominal of 2,200 manats will be placed through the conversion in the same number of shares with a par value of 1,632 manats.

Thus, the company's share capital will increase from 8.16 million manat to 11 million manat.

"Azerbaijan Senaye Sigorta" was established by Azerbaijan Senaye Banki in December 1996 and is part of Azersun Holding group of companies. In 2010, the bank sold half of its shares to Azerbaijani company Anadolu Investments.

'Anadolu investments' has been affiliated with the Turkish company Anadolu Cam Investment, which specializes in the production of canned products. Anadolu investment owns 97 percent of "Azerbaijan Senaye Banki".

The official exchange rate is 0.7844 AZN/USD as of August 26.

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