Amount of authorized capital of “Akkord Industry Construction Investment Corporation” OJSC exceeded U.S. $ 100 million
"Akkord Industry Construction Investment Corporation" Open Joint Stock Company, as one of the leaders of the construction sector not only in Azerbaijan but also in the whole South Caucasus region, continues to implement major construction and investment projects inside and outside the country. The principle mission of Akkord Corporation is to leave its deserved mark in the modern construction history of Azerbaijan and strengthen its authority in industrial and investment sector of the Caucasus and Eurasia through participation in major regional projects. In other words, Akkord Corporation pursues the goal of turning into a transnational corporation that straddles across borders of Azerbaijan and maintains its competitiveness at the international level.
One of the next steps in this direction has been an increase of the share capital of Akkord Corporation. In particular, at an extraordinary general meeting of shareholders of the Corporation on January 10, 2012, it was decided to increase the authorized capital of the Corporation from 24,000,510 to the 84,001,785 manats (about 106 million U.S. dollars) through increasing the nominal value of shares and by the way of contributing of additional cash investment of shareholders of the Corporation in the amount of AZN 60,001,275 and by issuing 4,800,102 simple registered and undocumented shares with a nominal value of each share at 17.50 manats.
In accordance with the decision of the general meeting of shareholders Akkord Corporation applied to the appropriate state agency for the registration of the issuance of shares and 4,800,102 common, registered, and undocumented shares with par value of each share at 17.50 manats were registered on January 24, 2012 by State Securities Committee of the Republic of Azerbaijan. The Corporation applied to CJSC "National Depository Center" in connection with the placement among shareholders of issue of shares with increased nominal and the placement of the issue of shares with increased nominal value has been completed.
The increase in the share capital of Akkord Corporation up to more than 100 million U.S. dollars creates a solid foundation not only for enhancing the investment potential and competitiveness in international markets, but also for sustainable financial position of the Azerbaijani company by means of a large market capitalization. At present Akkord Corporation, in addition to Azerbaijan, implements infrastructure and business projects in Georgia, Kazakhstan, Afghanistan, Turkey, Ukraine and Uzbekistan. Also, in order to enhance business contacts in the European Union countries, Akkord Corporation has recently established its representative office in Frankfurt, Germany.