Azerbaijan, Baku, 19 March / corr. Trend S. Babayeva/ Meeting of the Supervisory Board of Investment Company of Azerbaijan (ICA) Joint Stock Company, expected to be held in April, may consider the increase in the authorized capital stock of the Company- formed due to the resources of State Oil Foundation of Azerbaijan at AZN90mln, Anar Akhundov, the executive director of ICA said.
"We plan to develop proposals in this regard for the Supervisory Board of the Company," he said.
Akhundov did not divulge the further capitalization of ICA, as 'it will depend on the projects in which the Company will take part in the coming two years.' The list of projects has already been developed.
"There are some key projects for Azerbaijan, financing of which will have an impact on the capital of the company," Akhundov said. The investments of the company exceed AZN90mln including the memorandums signed, he said.
At present, the investment company is taking part in six projects and some AZN55.2mln is expected to be invested into them.
He also divulged the ICA plans to obtain a rating, and negotiations are expected to be held in this regard with the international rating companies. At present, company is being audited by the international audit company Ernst and Young and the audit statement will be introduced to the international rating companies after the audit is completed.
The minimal volume of investments by ICA may total to AZN1mln. Some 35% (AZN31.5mln) of the IAC capital can be invested into any area.