Azerbaijani insurance company AtaSigorta increases authorised capital by a third
Baku, Azerbaijan, Feb.27
By Abbas Akhundov - Trend:
The Azerbaijani State Securities Committee (SSC) registered an issue prospectus of ordinary book entry registered shares of the Azerbaijani insurance company JSC Atasigorta worth 2.4 million manat, the Baku Stock Exchange (BSE) reported on Feb. 27.
Within the issue prospectus, 96,000 shares at a par value of 25 manat each will be issued. The underwriter for the transaction is 'BROKDİL-AZ' LLC.
As a result of the placement of shares, the authorised capital of the company will reach10 million manat which will exceed the requirements of the Finance Ministry for the minimum amount of the total capital of insurance companies twofold.
The Finance Ministry upheld requirements for the minimum amount of the total capital of insurers operating on a non-life type at the level of five million manat.
Atasığorta has operated in the insurance market since 2004. The company provides services for 22 voluntary and four compulsory type policies.
The official exchange rate for Feb. 27 is 0, 7845 AZN / USD.
Translated by S.I.
Edited by S.M.