The statutory capital of AGLeasing will be increased up to 1m AZN during two months at the decision by the co-constitutors, Azer Mammadov, the Director General of the Company, told Trend. As a result of this increase the share of Azerigasbank will grow up to 35%.
AGLeasing was formed at 600,000 AZN (3bn manats) in 2005 by four co-constitutors holding equal shares. As a result of increase of the capital of the Company the British Milio Leasing Limited will give a part of its share to Azerigasbank, while share holding of other
co-constitutors such as the British Hiperion Capital Management and the U.S. Delta Trans LLC will remain in the same level.
According to Mammadov, 2005 was the year of institutional development. The further plans of the co-constitutors include diversification of leasing portfolio, 33% of which was formed in transport sector, the rest - medicine, food industry, production. Mammadov regards it as normal, as there are many companies with 50% of portfolio comprising construction in Azerbaijan.
Amount of leasing transactions of AGLeasing made up $0.5m on the results of 2005, while it is expected to reach $5m on the results of 2006.