Azerbaijan, Baku, Dec. 22/Trend U. Ismayilova /
Azerbaijani Insurance Company JSC "Basak-Inam Sigorta Shirketi" appealed to CJSC "Baku Stock Exchange" (BSE) for inclusion of its ordinary registered book-entry shares in the quotation list of BSE, the stock exchange said today.
The State Securities Committee has registered the issue prospectus worth 1.5 million manat in total. Within the emission 7,500 shares were issued at par value of 200 manat each.
Plans are afoot to start holding the Basak-Inam Sigorta Shirketi's shares placement from December 23, 2010.
LLC "Chelsea Capital" underwrites the placement.
Basak Inam came into existence in 1996 with a 49 percent capital share holding stake in Turkish insurance Basak Company. Basak Inam is a joint insurance company with the French Investment Corporation Groupama as shareholder. The remaining 51 percent belongs to Azerbaijani shareholders, which include "TuranBank", "AzerTurkBank", "Aqrarkredit" and other physical entities. The authorized capital of the company is two million manat.
The Azerbaijan Finance Ministry amended the minimum capitalization requirements for insurance and reinsurance companies, according to which the minimum capital requirement for insurers as of Jan. 1, 2011 should be fixed at 3 million manat (earlier 3.5 million manat), and as of Jan. 1, 2012 - 4 million manat ( 5 million manat).
The decision on minimum capital requirements took account of the impact of the global financial crisis on insurance and reinsurance companies.