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Shares of Buta Sığorta included in stock exchange non-quotation list

Business Materials 13 September 2012 13:38
Placement of interest, unsecured, registered, book-entry bonds of Buta Sığorta, issued for a total 1.5 million manat on Baku Stock Exchange (BSE) will start from septmber 17, BSE said on Thursday.
Shares of Buta Sığorta included in stock exchange non-quotation list

Azerbaijan, Baku, Sept 13 /Trend/

Placement of interest, unsecured, registered, book-entry bonds of Buta Sığorta, issued for a total 1.5 million manat on Baku Stock Exchange (BSE) will start from septmber 17, BSE said on Thursday.

Under the prospectus, 75,000 bonds par value of 20 manat each were issued.

Underwriter of the placement is JSC "Çelsi Kapital".

"The company asked for inclusion of its shares in non-quotation list of the BSE," the report says.

As a result of the placement the authorized capital will be increased from 5.8 to 7.3 million manat.

Azerbaijani insurance company Temza Sığorta Qrupu has been renamed to Buta Sığorta. The rebranding of the company occurred in connection with a change in the composition of its shareholders.

Now the company has six shareholders - Bank of Baku, Baku Electronics, Baku Service Company, Auto Azerbaijan and Qafqaz Lizinq which own a 19 per cent share each and NAB Holding with a five per cent of participation, new chairman of the board Abbas Babaev said earlier.

Previously the owner of 49 per cent stake in the company's capital was the British Glencarron Group Limited. Temza Sığorta Qrupu has operated in the insurance market of Azerbaijan since 1996. The Azerbaijani share of participation was owned by the individual and legal entity, Gala Investment.

Official exchange rate on Sept 13 is 0.7852 AZN/USD

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