Joint Azerbaijani-Iranian insurance company launches placement of registered shares

Business Materials 20 August 2009 19:05 (UTC +04:00)

Azerbaijan, Baku, August 20 / Trend /

Starting from August 31 of 2009 placement of ordinary registered shares of "Bashak-Inam Sigorta Shirketi" OJSC will be started on BSE, BSE said on August 20.

The volume of the issue is AZN 1 million manat, face value per share 200 manat. According to the issue prospectus, placement will be held by means of the public subscription method at the Baku Stock Exchange.

"Chelsea Capital" LLC will be the underwriter of placement of shares.

Those intending to purchase shares can apply to an organization being the member of "Baku Stock Exchange" CJSC and having a brokerage license.

Join insurance Basak-Inam Company has been operating since 1996. It renders 31 insurance services. Authorized capital of the company is 1 million manat.

Basak Inam was established in 1996 with 49 percent of share holding in the capital of Turkish insurance Basak company. Basak Inam is a joint insurance company in which shareholder is the French Investment Corporation Groupama. It became a shareholder of the company due to the purchase of 60 percent of share holding in the capital of Turksih Basak insurance company in 2006.

On August 20, the official exchange rate is 0.804 manat to 41.