Azerbaijan’s payment system changes ownership form

Baku, Azerbaijan, March 3
By Huseyn Valiyev -Trend

Azerbaijani company GoldenPay, specializing in rendering the electronic payments, intends to change ownership and reorganize into an open joint stock company, according to a statement published in the official press.

The reorganization is conducted as part of the company's plans to place the shares through an initial public offering (IPO) on the Baku Stock Exchange (BSE) in Azerbaijan for the first time.

The company plans to bring 10 percent of its shares to the public offering. The preliminary cost of a share will vary from 10 to 50 manat.

Currently, the process is underway. The consultations are being held with professional market participants and the Azerbaijani State Committee for Securities.

Pasha Bank will be a mediator during the first IPO in the country.

The research shows that the demand for the IPO exceeds supply on the local market, chairman of the Azerbaijani State Committee for Securities Rufat Aslanli said earlier.

Goldenpay is a provider of online payments in Azerbaijan, established in 2007. Through the Internet, the system allows local companies to receive payment for services or products by using plastic cards of any bank thanks to the cooperation with Visa and MasterCard international payment systems.

The portal of electronic payments Hesab.az, created on the basis of Goldenpay, serves as a platform of online payment on the Internet.

Hesab.az portal allows making online payment of utility services, mobile and fixed communication, Internet services and cable TV by using bank cards. The services of repaying bank loans and online insurance services are available for users. Currently, the number of registered users of the portal exceeds 103,000.

translated by NH
edited by CN

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