Azerbaijan, Baku, March 17 / Trend U. Ismayilova /
The Azerbaijani State Committee for Securities registered the issue of ordinary book-entry shares of Insurance Company Era Trans Sigorta totaling 3.375 million manat, the State Committee said.
A total of 3,000 units of registered shares with a nominal value of 1,125 manat each were registered.
Shares will be placed by converting of 3,000 shares with a nominal value of 1,000 manat. As a result, the company's registered capital will be increased from the current 3 million to 3.375 million manat.
The company's capitalization will be made at the expense of profits obtained from its activity in 2009 - worth 276.277 manat, as well as investments of the founder. The sole shareholder of the company is Elshan Babayev (Era Trans Sigorta's board chairman).
Era-trans has been operating since 1994. It renders services on 22 types of voluntary and four types of compulsory insurance.
The company's premiums totaled 0.06 million manat in January, with payments worth 0.03 million manat.
As of March 17, the official exchange rate is 0.8033 manat to $1.