Azerbaijan, Baku, July 16 / Trend /
Starting from July 15, 2009 the placement of 38 percent of corporate bonds of "AZEL" СJSC has started in Baku Stock Exchange (BSE).
Overall 4 investors participated in the auctions and $1.15 million of the offering were placed.
The total amount of the offering is $3 million, the par value of the bond is $100, coupon rate is 14 percent and term period is 730 days.
The placement of the residual amount of the offering is being conducted.
Presently, AZEL remains the only company in IT participated in corporative governance of the International Finance Corporation. The project rendered consultations and assistance to practice of corporative governance, development of clear and full financial accounting. The company has already introduced international standards of financial accounting (IFRS) and audit (ISA) due to cooperation with the international audit companies. AZEL has used ethical code, one of actions towards the best practice of corporative governance.
AZEL is one of leading companies in system integration and IT-solutions in Azerbaijan. Presently, joint stock capital of the company hits $3 million.
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