Azerbaijan Investment Company ups capital by 1.8 times
Azerbaijan, Baku, Aug. 16 / Trend N.Ismayilova /
The Azerbaijani State Securities Committee registered the issue of prospectus of ordinary registered stocks of Azerbaijan Investment Company (AIC) for a total of 70 million manat, the committee reported today.
The committee has registered the issue of prospectus consisting of 700,000 shares at par value of each of 100 manat.
As a result of placement, the company's authorized capital will be increased by 70 million manat to 160 million manat at the expense of the state budget. The company plans to fund several projects on the basis of letters of intent signed in 2009 through these funds.
The company's authorized capital formed in the volume of 90 million is already fully allocated.
The company's minimum investment may be made to one million manat. The maximum limit of investment is set at 20 percent of the AIC capital in a single project or affiliate structure.
AIC was established under the presidential order dated March 30, 2006. The only founder of the company is the Economic Development Ministry.
The official exchange rate is 0.8038 manat to $1 Aug. 16.