Azerbaijani-Pakistani leasing company plans to double authorized capital
Azerbaijan, Baku, June 1 / Trend, A.Akhundov /
The Azerbaijani-Pakistani leasing company MCB Lizinq is to double its authorized capital in 2011, the company's Board Chairman Ramal Jafarov told Trend on Tuesday. Now the company's authorized capital is reaching 842,105 manat.
"This is a plan. There is no final decision of shareholders on this issue yet," Jafarov said.
At present, authorized capital of majority of leasing companies in Azerbaijan hits about one million manat. Today lessors attract financing from local banks, and the level of capitalization of the companies does not allow them to directly borrow loans from foreign banks or international financial institutions.
Ansar Leasing is the most capitalized among the country's leasing structures due to its capital level (five million manat or $6.2 million).
The Azerbaijani Tax Ministry registered the company Oct. 15, 2009. Its founders are MCB Bank and Namig Safarov.
MCB Bank has assets of $6 billion and 1,500 branches in eight countries. The company belongs to the Nishat Group, whose core business is textiles and manufacturing for global brands.
Azerbaijan has officially registered 22 leasing companies. But 11 leasing companies and banks that offer leasing services actually operate.
The official exchange rate is 0.7894 manat to $1 on June 1.