Azerbaijani insurance company increases capital by 20 percent
Azerbaijan, Baku, September 25 / Trend A. Akhundov /
The Azerbaijani State Securities Committee registered the issue prospectus of registered book-entry common shares of "Azerbaycan Senaye Sigorta" totaling 4.8 million manat, the State Committee said.
Over 4,000 shares were issed at par value of each 1,200 manat as part of the emission.
The nominal value of shares increased and the authorized capital of the insurance company will increase from the current 4 million manat to 4.8 million manat.
Azerbaycan Senaye Sigorta's paid authorized capital increased four times last year. It hits 4 million manat. Taking into account the company's profit for last year (at the level of 39.190 manat) and retained earnings from previous years (980.262 manat), the total capital of the company for the year amounted to 5.019 million manat, compared to 1.992 million manat in early 2009.
Azerbaycan Senaye Sigorta has been operating since 1997 and has a license for 19 voluntary and three compulsory types of insurance.
As of September 25, the official exchange rate is 0.8030 manat to $1.