Azerbaijani Buta Sıgorta insurance company raises capital by more than half

Photo: Azerbaijani Buta Sıgorta insurance company raises capital by more than half
 / Business News

Baku, Azerbaijan, April 1

By Abbas Akhundov - Trend:

Azerbaijani State Committee for Securities registered the issue prospectus of the OJSC Buta Sıgorta's ordinary nominal non-documentary shares worth four million manats.

Some 200,000 shares at par value of 20 manat each will be issued as part of the emission, according to the Baku Stock Exchange.

The deal's underwriter is Chelsea Capital.

After the issue placement, the company's authorized capital will increase from the current 7.3 million manats to 11.3 million manats, which is twice more than the regulator's minimum requirement for capitalization of insurance companies.

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

Buta Sıgorta, formerly called Temza Sıgorta Qrupu, was renamed on July 26, 2012 to OJSC Buta Sıgorta. The rebranding of the company was due to the change of shareholders.

Currently the company has six shareholders - Bank of Baku, Baku Electronics, Baku Service Company, Auto Azerbaijan and Qafqaz Lizinq (with 19 percent of shares each) and NAB Holding (with five percent of shares).

The official exchange rate on April 1 is 0.7843 AZN/USD.

Translated by E.A.

Follow us on Twitter @TRENDNewsAgency