AXA capitalizes subsidiary in Azerbaijan
Baku, Azerbaijan, Sept. 2
By Anvar Mammadov - Trend:
The Azerbaijani State Securities Committee has registered the issue prospectus of ordinary registered book-entry shares of AXA MBASK insurance company worth 3,000,228 manat, the committee said Sept. 2.
Some 7,854 shares of the company with a par value of 382 manat each were issued.
AXA MBASK's authorized capital hit 17.23 million manat as a result of emission. The total capital of the bank as of January 1, 2015 hits 13.08 million manat.
MBASK Insurance Company has been operating since 1992. It is one of the first private insurance companies in Azerbaijan. In 2010, one of the largest insurance companies in the world - AXA Group acquired a controlling stake (51 percent) of MBASK insurance company through its subsidiary 'AXA Seguros Generales, S.A., De Seguros Y Reaseguros' (Spain).
Currently, AXA Group is the sole shareholder of AXA MBASK.
As of January-July 2015, the company's insurance fees totaled 10.64 million manat with 6.77 million manat payments.
The official exchange rate is 1.0479 AZN/USD Sept. 2.
Edited by CN
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