Azerbaijani insurance company raises capital by third
Baku, Azerbaijan, March 3
By Abbas Akhundov - Trend:
The Azerbaijani State Securities Committee registered the issue prospectus of ordinary registered shares of the Gunay Sıgorta insurance company to the amount of 2.2 million manat, the Baku Stock Exchange (BSE) reported on March 3.
Some 2,200 shares with par value of 1,000 manat each were issued as part of the emission.
The process of placing the company's shares on BSE will begin on March 10, 2014.
Underwriter of the transaction is Texnika Kapital Menecment.
As a result of placement, the company's share capital will be increased from 6.4 million manat to 8.6 million manat or 72 percent more than the Finance Ministry's regulatory requirement to the capitalization of insurance companies.
The Ministry of Finance kept the requirements for the minimum amount of the aggregate capital of insurers operating in non-life areas at the level of five million manat .
Azerbaijani Gunay Bank is the only shareholder of Gunay Sıgorta, operating since 1992.
The official exchange rate is 0.7844 AZN/USD on March 3.
Translated by NH
Edited by CN