Azerbaijan, Baku, April 11 / Trend A. Akhundov /
The level of English-Azerbaijani insurance company Temza Sıgorta Qrupu's authorized capital did not meet the minimum requirements of the Finance Ministry. The company raises the capital by 5 million manat, the Baku Stock Exchange said on Wednesday.
Issue volume registered by the State Securities Committee is 5 million manat.
Quantity of shares is 250,000, par value - 20 manat.
After placing the issue, the authorized capital will increase to 5.9 million manat. The minimum capital requirement amounts to 4 million manat as of January 1, 2012.
Underwriter is Celsi Kapital.
The company board chairman Samir Mustafayev told Trend today that the increase in capital is ensured by a new shareholder's funds, who bought the whole share of all shareholders in the company. He said that the local holding will be a new shareholder.
British Glencarron Group Limited owns a 49 per cent stake in the authorised capital of Insurance Company Temza Sigorta Qrupu.
Temza Sigorta Qrupu has been operating on Azerbaijan's insurance market of Azerbaijan since 1996. Azerbaijan's shareholding is owned by Gala Investment.
The official exchange rate is 0,7860 AZN/USD.