Azerbaijan, Baku, June 10 / Trend U.Ismayilova /
The UK-Azerbaijani Temza Sigorta Qrupu insurance company will announce major changes to its activities in autumn, Chairman Samir Mustafayev said. The changes are associated with capitalization and the shareholder structure.
Temza Sigorta Qrupu is the only company on the Azerbaijani insurance market that has yet to bring its total capital to the minimum requirement of 2 million manat set Jan. 1.
"The company's authorized capital will increase immediately to 3.5 million manat from the current 0.9 million manat at the expense of shareholder funds and company profits in 2009, which amounted to 70,000 manat," Mustafayev said.
Capitalization was delayed when an anonymous new shareholder joined the founders' structure.
Temza Sigorta Qrupu is owned by the British Glencarron Group Limited (49 percent), which has operated on the Azerbaijani market since 1996, and Azerbaijani physical and legal entities, such as Gala Investment.