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Azerbaijani biggest leasing company plans to join export financing in 2011

Business Materials 27 December 2010 16:28 (UTC +04:00)

Azerbaijan, Baku, Dec. 27 / Trend U. Ismayilov /

At present, the portfolio of the Azerbaijani largest leasing company Joint Leasing hits about 30 million manat, Elchin Akhmadov, director general of the company, said.

"In 2010 we set the goal to maintain the portfolio at this level and fulfilled this forecast. In 2011, it is planned to increase the portfolio stage-by-stage, " he said.

He said that as a whole 2010 was successful for the Joint Leasing. The company will complete the year with a profit as in previous years.

Joint Leasing portfolio is distributed as follows: 23 percent - special technique, 19 percent - passenger vehicles, including buses and passenger cars, 18 percent - trucks, 15 percent - construction and building materials, 10 percent - industrial equipment, the remaining 15 percent - other sectors (real estate, trade, medicine and banking equipment).

Regarding a possible increase of the authorized capital of the company, he said that there are no plans. But if this issue is on the agenda, the capital growth can be made both at the expense of shareholders and the profits of the company. The authorized capital of the company hits 700,000 manat.

He also said that drawing resources is an ongoing process. It is necessary for the activity of the leasing company. In 2010, the Joint Leasing drew resources to buy Japanese equipment from Hitachi and projects on car leasing. It is planned to continue this process in 2011 and use the schemes of export financing to buy machinery and equipment of famous brands.

Joint Leasing Company operates in the country since June 14, 2007 as the legal successor of the company Azerilizing. The founders of the company's are the British company Dolphin Leasing (52.3 percent) and the International Bank of Azerbaijan. Authorized capital currently stands at 700,000 manat. The first Azerbaijani leasing company Azerilizing joint venture was established in 1999.

Official exchange rate is 0.7985 manat to $1.

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