Azerbaijani company to be listed on Istanbul Stock Exchange
Baku, Azerbaijan, March 5
By Rufiz Hafizoglu - Trend:
Azerbaijani company İnvest-AZ intends to put its shares on the Istanbul Stock Exchange, chairman of the company's Board of Directors Elshan Guliyev said on March 5, Turkish newspaper Sabah reported.
Besides İnvest-AZ, the securities of two more Azerbaijani companies will be put on the Istanbul Stock Exchange. Their names were not disclosed.
The main purpose of İnvest-AZ in Azerbaijan is to create the favorable conditions for investors in Azerbaijan and Turkey.
Ensuring the mutual transactions at Baku Stock Exchange (BSE) and Istanbul Stock Exchange with the prospect of jointly reaching the third countries' markets will be a priority of the company's activity, Guliyev said earlier.
The company has the dealer and broker licenses in Azerbaijan. İnvest-AZ was also the first provider of liquidity for trading on Forex and CFD (contracts for difference) through the BSE platform in 2013.
İnvest-AZ became a BSE member on September 23, 2013, while a shareholder of the exchange on September 17. İnvest-AZ was established on January 11, 2006. The company is also a shareholder of the Istanbul Stock Exchange.
Istanbul Exchange consolidating Istanbul Stock Exchange and Istanbul Gold Exchange started operating in Turkey on April 5, 2013.
Istanbul Exchange's initial capital constitutes 423 million lira. Index operations have been conducted since the second quarter of 2013 and exchange operations since late 2013.
It is expected that the capacity of Istanbul Exchange will reach 32 transactions per second. Previously the capacity of the Istanbul Stock Exchange was 24 transactions per second.
Some 49 percent share holding at the Istanbul Stock Exchange belongs to the Turkish treasury, 5 percent is the exchange of futures and options, the rest of the shares are in free circulation.
The Turkish Central Bank's official exchange rate is 22119 TL/USD on March 5.
Translated by NH
Edited by CN