Azerbaijan, Baku, July 11 / Trend I. Khalilova /
The Azerbaijani-Pakistani leasing company MCB Lizinq plans to double its authorized capital, the company told Trend on Wednesday. The capital is currently 842,105 manat.
The Azerbaijani State Securities Committee registered the issue of MCB Lizinq's uncertificated shares totaling 826,737 manat, which will be placed by a close method.
"As a result of placing the issue of shares, the company's authorized capital will be brought to $2 million," MCB Lizinq said.
The authorized capital of the most leasing companies in Azerbaijan is up to one million manat. Today lessors attract funding from local banks. The level of capitalization of the companies does not allow them to directly borrow loans from foreign banks or international financial institutions.
Ansar Leasing company is the most capitalized among leasing organizations in the country in terms of capital (five million manat or $6.4 million).
MCB Bank has assets of $6 billion and 1,500 branches in eight countries. The company belongs to the Nishat Group. Its main business is textiles and manufacturing for global brands.
Roughly 22 leasing companies have been officially registered in Azerbaijan. But around 11 active leasing companies and banks offering leasing services operate.
The official exchange rate is 0.7855 AZN/USD on July 11.