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STATUTORY CAPITAL OF STANDARD INSURANCE TO BE INCREASED UP TO 20BN MANATS

Business Materials 12 October 2005 17:15 (UTC +04:00)

“The Standard Insurance Company announced about its plans on increase of capital,” Kamal Ibrahimov, the chairman of the board of the Standard Insurance, told Trend. According to Ibrahimov, they plan to increase capital by two times or from 10bn manats to 20bn manats.

“The increase will be carried out at the expense of undistributed profit and acting share holders,” he noted.

Ibrahimov said that the Company collected around 26bn manats with 4bn manats payment over 9 months of 2005 or 2 times higher as compared 2004.

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