Azerbaijani Insurance Company to Approve New Charter

Business Materials 27 August 2008 14:34 (UTC +04:00)

Azerbaijan, Baku, 27 August / Trend corr. U.Ismayilova / MBASK, one of the Azerbaijani largest insurance companies will hold the general meeting of company's founders on 1 September, Jamil Malikov, Chairman of the company board, said on 27 August.

"A new charter is expected to be approves at the meeting," Malikov said.

In addition company's founders will discuss the results of 2007 fiscal year, as well as propose to increase the authorized capital.

"Nobody knows how much the authorized capital will be increased," Malikov said.

MBASK has been operated in Azerbaijani insurance market since 1992 and renders 29 types of insurance service with four compulsory ones. Company's authorized capital is AZN 2mln. MBASK's 30% shares are owned by the European Bank for Reconstruction and Development.

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