Date of meeting of share-holders of Baku Stock Exchange determined

Business Materials 1 April 2006 13:52 (UTC +04:00)

The meeting of the share-holders of the Baku Stock Exchange (BSE) will be held on 7 April, Trend reports referring to Anar Akhundov, the chair of the board of BSE. The agenda includes discussion of the results of 2005, approval of the budget of BSE for 2006, determination of main direction of development of stock exchange and organization issues, particularly, composition of auditing commission, which is elected every year.

The meeting will discuss distribution of profits within consideration of audit on the results of the activities of the stock exchange in 2005. According to Akhundov, they plan to cover the losses of previous years. Net profit of BSE in 2005 comprised 270m old manats. BSE first gained net profit after payment of taxes.

BSE has 18 share-holders and 2 members. Meanwhile, only one member - - International Securities is eligible to carry out exchange activities. It has purchased membership seat and possesses licenses to carry out broker and dealer activities. Agrarcredit can not carry out the same activities due to absence of these licenses.