Baku, Azerbaijan, Sept. 6
By Zulfiyya Gurbanova - Trend:
Shareholders of Goldenpay, the provider of online payment services in Azerbaijan, decided to hold the first ever initial public offering (IPO) in the country.
The company said Sept. 5 that this decision was made at an extraordinary meeting of its shareholders.
"The meeting discussed the company's development strategy for the next five years and the mechanisms of its implementation," according to a message form the company.
"Shareholders decided to attract a part of financial resources, required for implementation of this strategy, through an initial public offering of shares."
Goldenpay's management board were granted authority to sign an agreement with Azerbaijani Pasha Bank to define the IPO's terms, and obtain other investment and banking services.
Jeyhun Hajiyev, director of the company Pasha Capital, told Trend that the dates of signing the agreement and the IPO's volume [shares, put up for public offering], are still unknown.
"Neither the signing date, nor the volume of the IPO, have been defined. Currently, we are negotiating with Goldenpay, which must itself define the amount of offering," he said.
Goldenpay was established in 2007. The system allows local companies to receive payments via the internet for the rendered services or products using plastic cards of any bank, thanks to its cooperation with Visa and MasterCard international payment systems.
Hesab.az website serves as the online payments platform. It was created on the basis of Goldenpay's payment technologies.
Hesab.az makes it possible to use credit cards to pay for utilities, mobile and fixed communications, internet services, as well as cable TV.
Aside from that, the website's users can benefit from its services to repay bank loans and the online insurance services.
Currently, the number of users registered on Hesab.az exceeds 103,000.
The users can open their own accounts on the website, create a log of transactions, earn bonuses and participate in auctions.