Caspian International Investment Company to double authorized capital
Azerbaijan, Baku, October 19 / Trend , N.Ismayilova /
By the end of 2009 the authorized capital of the Caspian International Investment Company (CIIC), established by the Azerbaijan Investment Company (AIC) and Islamic Corporation for the Development of the Private Sector (ICD), is planned to be doubled and bring to 46 million manat, the executive director of CIIC Togrul Kocharli said on Oct. 19.
"We are negotiating with investors from the Middle East. In addition, some Azerbaijani holdings and European investors have also expressed interest in this issue," said Kocharli.
According to him, earlier the company's plans included bringing the authorized capital to 55 million manat by the end of this year, and today the company is not going to give up those plans. Today CIIC's authorized capital totals 23 million manat, of which 17 million manat accounts for foreign investors, including Kuwaiti investment company Hares Group, Yemeni investment company Al Ahmar Group, Sudanese MAM Group, Dubai TANMIYAT Group, as well as the Islamic Development Bank.
Caspian International Investment Company was registered in March 2008 as a closed joint stock company with initial capital of 2.954 million manats. The participation share of AIC was 25 percent and ICD - 75 percent.
To increase the capital, on September 23 last year, the State Securities Committee registered the 62,040 shares of CIIC par value of one share amounting to 850 manat.
According to the strategy, CIIC investments will be directed towards real economy, except production of alcoholic beverages and pork products, which is contrary to the principles of Shariah, as well as banking and insurance institutions operating in the standard conditions of funding and provision of insurance services.
Official rate on Oct. 19 is 0.803 AZN/USD.
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