ISR Holding Buys Azerbaijani Insurance Company

Business Materials 14 July 2008 13:24 (UTC +04:00)

Azerbaijan, Baku, 14 July / corr. Trend U.Ismayilova / ISR Holding, which was established in 1995, buys Kavkaz Sigorta, the Azerbaijani insurance company, Isgende Khalilov, the president of the holding, told Trend on 14 July.

ISR Holding, who possesses 49% of shares of Atesgah, the Azerbaijani insurance company, plans to buy the third local insurance company, besides Kavkaz Sigorta and the name of the third company is still withheld.

ISR Holding, владеющий 49 процентами акций азербайджанской страховой компании Atesgah, планирует, помимо Kavkaz Sigorta, купить третью местную страховую компанию, название которой не оглашается.

"The third insurance company, which ISR Holding plans to buy, will be named after completion of talks at the end of July," Khalilov said.

Major directions of ISR Holding activities include construction of business-centers, hotels and houses and extraction and production of iodine.

It was decided to change a composition of founders at the general meeting of shareholders of Atesgah, one of huge Azerbaijani insurance companies. ISR Holding bought 49% of shares of Norcross company, which is included in Kapital Insurance Group, and became a shareholder of Atesgah company.

Kavkaz Sigorta Open Joint Stock Company operates at the Azerbaijani insurance market since 1998. The authorized capital of the company is AZN 1mln.

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