Changes in Private Communication JV in Azerbaijan
Azerbaijan, Baku, 21 February /corr. Trend I.Khalilova / The private founder in communication JV AZERIN LLC, Turkish Akpinar Holding, which possesses 48% of shares, determined its share, a government source stated on 21 February. Part of this share (24%) has been purchased by the Russian Company of ADA Group and the other part by physical persons from Azerbaijan.
The control package in the JV belongs to Azerbaijan's Ministry of Communications & Information Technologies.
In March 1998, AZERIN was founded with an aim to provide access to global INTERNET to the whole country. In a brief period, the Company has achieved a good position in the local telecommunication market- owing to the high quality and professional serving. Company's general manager - Mr. Galib Kurbanov, is the chairman of the Azerbaijan Internet Society.
The new founder of AZERIN, Russian ADA Group Company, functions under Austrian mark and has developed its network -comprising 50 super markets for the middle class in Azerbaijan. The Company operates Almali, the first local food retail chain in Azerbaijan, on the base of the agreement between ADA Group and International Financial Corporation. IFC's $18 million investment, comprising a loan of $12 million and equity/quasi-equity of $6 million, is the largest IFC financing to the country's non-oil sector.