Kuwaiti-Azerbaijani investment company's stakes registered

Business Materials 4 July 2009 12:43 (UTC +04:00)

Azerbaijan, Baku, July 4 / Trend , N.Ismayilova/

The Azerbaijani State Committee on Securities (SCS) registered emission of non-documentary shares of the Kuwaiti-Azerbaijani Investment Company (KAIC), the committee said.

A total of 820 stakes have been registered with nominal cost worth 500 manats for each. Emission costs 410,000 manat.

KAIC was founded by the Azerbaijani Investment Company (AIC) and subsidiary of the Kuwait Finance House - Turcapital.

Under the agreement, the AIC's share is 25 percent and 75 percent will belong to Turcapita HOLDİNG (Bahrain).

KAIC was registered with primary capital worth 410,000 manat.

The capital will be gradually reached to $20 million which will be distributed between the shareholders in line with their shares within two years.

KAIC will draw foreign investments and finance project of domestic entrepreneurs.

The joint venture of AIC and KFH is formed in line with the memorandum, signed in May 2007. Joint investment projects will be implemented through it in Azerbaijan.

Islamic organizations are always interested in projects in agriculture, infrastructure, logistics and transportation. Therefore, it is planned to work with the Kuwait Finance House in these directions. Initially, the Kuwait House has already been submitted projects in commercial real estate and forming refrigerator stores for consideration.

The AIC intends to partake in the projects as a minority shareholder and fixed assets will come to Azerbaijan from a foreign investor.

On July 4, the official exchange rate is 0.8042 manat to $1.