Azerbaijani insurer increases capital by more than third

Photo: Azerbaijani insurer increases capital by more than third / Business News

Azerbaijan, Baku, Oct 13 /Trend A.Akhundov/

The State Securities Committee (SSC) has registered the issue prospectus of ordinary registered shares of the insurance company Azərbaycan Sənaye Sığorta, SSC said.

Share issue will be conducted by conversion of 5000 shares at 1,200 manat in the same amount of shares at 1,632 manat.

Thus, the share capital will be increased from 6 million manat to 8.16 million manat.

Azerbaycan Senaye Sıgorta was established by the Azerbaycan Senaye Bankı in December 1996 and is a member of Azersun Holding Group of Companies. In 2010, the bank transferred half its shares to the Azerbaijani company Anadolu Investments.

Anadolu Investments is affiliated with the Turkish company Anadolu Cam Investment, which specialises in the production of canned products. Anadolu Investments owns 97 per cent of Azerbaycan Senaye Banki.

Official exchange rate on Oct 13 is 0.785 AZN/USD

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