Baku, Azerbaijan, Apr. 3
By Anvar Mammadov – Trend:
Amendments to Azerbaijan’s Civil Code offer to establish rules for the sale of controlling stakes in open joint-stock companies (OJSCs).
Under the amendments, the sale of 50 percent or more of an OJSC’s shares or the purchase of a similar amount of shares in another OJSC can be decided if it is approved by two-thirds of participants of the general meeting.
In addition, those wishing to purchase a controlling stake in an OJSC should formally submit relevant proposal to each shareholder of the OJSC.