Azerbaijani banks interested in cooperation with listing companies

Business Materials 13 June 2009 14:12 (UTC +04:00)

Azerbaijan, Baku, June 13 / Trend / 

Baku Stock Exchange (BSE) is ready to render assistance to companies who are willing to enter market, BSE deputy chairman Vahid Novruzov said at a forum entitled "Stock Market is Affordable Capital Source" held on June 12. The forum was organized by BSE with the EBRD and State Securities Committee support. 

He said listing rules will be adopted on BSE in June. Novruzov invited companies to get listing.

The new rules compose three levels; two of them listing and third out-listing. More stringent requirements will be introduced for the first level companies. The second level will is more simplified. The third is access to transactions of the companies, which want to sell their shares to via exchange, but who were denied listing.

About 10 to15 companies will enter the first level. A lot more companies will be admitted to the second level because of an increase in authorized capital will pass through the second level.

International Finance Corporation (IFC) representative Aliya Azimova and chairman of the Azerbaijan Investment Company (AIC) Afgan Isayev noted attractiveness of companies who have listed by the BSE for institutional investors.

Chairman of Texnikabank Samir Huseynov noted that banks are more interested in business cooperation with those companies that were listed.

The forum will last long. Other partners will also be invited in future. The events aims to list leading companies representing the domestic economy and provide them with more appropriate terms of financing that would contribute to strengthening of national economy. Chairman of the SSC Rufat Aslanli noted the importance of this kind of activities for the capital market in Azerbaijan and underlined that government support for the organizers of the forum will continue.

Heads of 25 top organizations from various areas of real sector attended the forum.

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