New director to be appointed in one of Azerbaijani largest insurance companies
Azerbaijan, Baku, September 12 / Trend U. Ismayilova /
Special meeting of shareholders of one of Azerbaijani largest insurance companies - MBASK will be held on September 14. Restructure within anti-crisis actions will be discussed at this meeting, the company said on September 12. Before, the meeting was scheduled for August 10.
"Shareholders of the company plan to appoint head of Unibank's supervising council (main founder of MBASK) Eldar Garibov chairman of the board," the company said.
A source said that current chairman of the company's board Jamil Melikov will be appointed chairman of MBASK supervising council.
These proposals were voiced by shareholders of MBASK Company. They are expected to be approved after the State Insurance Control's confirmation, a source said.
Change of board's staff, staff of directors' council, approval of wage for directors' council, restructure of assets and increase of authorized capital will be also discussed during the meeting.
Major issue of the meeting will be reduction of possible expenses.
MBASK insurance company has been operating in Azerbaiajn since 1992. It renders 29 insurance services, four of them are obligatory.
Authorized capital of the company hits 2 million manat. The European Bank for Reconstruction and Development owns 30 percent of shares since 2005.
As of January-July, the company collected premiums worth 4.43 million manat with payments of 3.71 million manat.
On September 12, the official exchange rate is 0.8033 manat to $1.
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