BAKU, Azerbaijan, Feb.11
By Zeyni Jafarov - Trend:
The Baku Stock Exchange (BSE) increased the par value of shares from 200 manat to 800 manat through the retained earnings, Trend reports referring to the BSE.
The increase was made in order to ensure sustainable development of Azerbaijan’s capital market and on the basis of the decision of the shareholders’ extraordinary meeting.
As a result, the authorized capital of the BSE grew from 1.26 million manat ($740,000) to 5.04 million manat ($2.96 million).
Earlier, the Central Bank of Azerbaijan (CBA) announced about considering the issue of more effective improvement of legislation in the field of the securities market. According to the CBA, the local capital market requires significant development, and currently, the banking sector can participate in the capital market only through creating investment companies, which, however, increases its costs.
The Baku Stock Exchange was established in 1997 and currently has 20 shareholders.
(1 USD = 1.7 AZN on Feb.10)
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