Azerbaijani life insurance company raises capital by nearly 60 percent
Baku, Azerbaijan, Feb. 4
By Abbas Akhundov - Trend:
Azerbaijani State Securities Committee (SSC) registered the issue prospectus of ordinary nominal non-documentary shares of the 'Pasa Heyat Sıgorta' life insurance company, as part of which the shares' nominal value increased by almost 60 percent, according to a message from the SSC.
The placement of emissions will be conducted by means of conversion of 7,000 shares (at par value of 5750 manats) into the same number of shares at par value of 3,600 manats.
As a result of this, the company's authorized capital will be increased from 25.2 million manats to 40.25 million manats.
By January 1, 2017 the Azerbaijani Finance Ministry will double the requirements for the minimum amount of the life insurance companies' total capital, increasing the requirement from the current five million manats to 10 million manats.
By January 1, 2014 the life insurance companies in Azerbaijan must have total capital with a minimum size of five million manats, starting from January 1, 2015 - 6.5 million manats, January 1, 2016 - eight million manats, January 1, 2017 - 10 million manats, according to the Finance Ministry's draft decision on defining the minimum amount of capital required for insurers.
Pasa Heyat Sıgorta passed the state registration on November 24, 2010 and on February 14, 2011 received a five-year license for insurance activity.
The official exchange rate for February 4 is 0.7843 AZN/USD.
Translated by E.A.