Azerbaijani leasing company doubles the authorized capital

Business Materials 12 January 2012 18:42 (UTC +04:00)

Azerbaijan, Baku, Jan 11 /Trend A.Akhundov/

Azerbaijani-Pakistani leasing company MCB Lizinq doubles the authorized capital, CEO Ramal Jafarov told Trend on Wednesday.

"Our capital is amounted to about 842 000 manat for today, or $1 million. Founder of the company has decided to double the capital. The Central Bank of Pakistan also gave its permission," Jafarov said.

Jafarov said the capital increase will be entirely at the expense of the founder.

"It is important for strengthening financial stability and improvement of the company's reputation," Jafarov said.

MCB Lizinq Leasing Company was registered in the tax authorities of the country on Oct. 15, 2009. The opening ceremony of the company was held July 13, 2010. Authorized capital is 1.5 million manat. The founders are Pakistan's MCB Bank LTD, which owns 70 percent, while 30 percent fall to the Azerbaijani capital and invested by Namik 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.

Official exchange rate on Jan 12 is 0.7863 AZN/USD