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Azerbaijani insurance company increases authorized capital by 23 percent

Business Materials 28 July 2011 17:51
The Azerbaijani State Securities Committee (SSC) registered issue prospectus of shares of the "Azerqarant Sıgorta" insurance company worth 4.01 million manat, the state committee said in its report published on its website on Thursday.
Azerbaijani insurance company increases authorized capital by 23 percent

Azerbaijan, Baku, July 28 / Trend /

The Azerbaijani State Securities Committee (SSC) registered issue prospectus of shares of the "Azerqarant Sıgorta" insurance company worth 4.01 million manat, the state committee said in its report published on its website on Thursday.
Placement of issue will be held by conversion of this prospectus with par value of 401 manat to the same amount of shares (10,000 shares) with a face value of 326 manat.
Accordingly, the company's authorized capital will increase by 23 percent - from 3.26 million manat to 4.01 million manat.
During the past year Azerqarant capital grew by 20.7 percent.
Azergarant operates on the insurance market since 1993. According to the State Insurance Supervision Service under the Finance Ministry, the company's premiums in the first half of 2011 totaled 0.57 million manat, while payments made 0.08 million manat.
The official exchange rate is 0.7866 manat to $1 on July 28.

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