AGLeasing to Increase Authorized and Fund Capital

Business Materials 6 April 2007 16:25 (UTC +04:00)

Azerbaijan, Baku/ Trend , corr. U. Ismayilova/ Azer Mammadov, the Director General of AGLeasing, has said that the leasing company is expected to increase its authorized capital from the existing AZN 8 million up to AZN 10 million and its fund capital up to AZN 2 million.

According to Mr. Mammadov, he is expecting approval of the decision to increase the authorized capital at the stockholders meeting to be held in April.

The company is currently conducting an internal audit, for 2005 and 2006. As soon as the audit is completed, the company will conclude an agreement with foreign investors in the two directions: presentation of a credit line and introduction of foreign capital to the capital of the company.

When first established in 2005, the authorized capital of AGLeasing was formed at a rate of AZN 600,000 which was distributed among the four founders by equal shares. Today, each of them owns 150 shares worth AZN 150,000.