Azerbaijani insurance company completes capitalization process
Azerbaijan, Baku, April 2 / Trend A.Akhundov /
Azerbaijani A-Qroup insurance company has completed the process of increasing the share capital to 5.4 million manat, the company reported on Tuesday.
According to the report, the company's development program includes further increase of the capital in the future.
Increase of the company's capital was part of a new placement of shares through conversion of 7,750 shares at par value of 609 manat in the same amount of shares at par value of 696.8 manat. As a result, the share capital of the company increased from 4.72 million to 5.4 million manat manat.
The A-Qroup Insurance Company was established in 1995. It renders services for 14 types of voluntary insurance. A-Qroup is the only insurance company selected by the International Finance Corporation (IFC) in the second phase of a pilot programme to improve corporate governance. Earlier this year, the insurance company has once again confirmed the company's compliance with international quality standard ISO 9001.
The official exchange rate on April 2 is 0.7846 AZN / USD.