Last week’s laws, orders and decrees in Azerbaijan (Sept.15-19)

Analysis Materials 23 September 2014 14:53 (UTC +04:00)

Azerbaijani satellite operator increases its capital by almost 60%

The authorized capital of the Azercosmos OJSC satellite operator of Azerbaijan increased from 40 million AZN to 63.610.600 AZN by the decision of the Cabinet of Ministers of Azerbaijan.

Text of the decision on amendments to the regulation of Azercosmos was published on the website of the Cabinet of Ministers.

The total number of shares increased from 2 million units to 3.180.530 units at a nominal value of 20 AZN each share, as part of the capital increase of the satellite operator.

Regulation and structure of Azercosmos were approved by the Cabinet of Ministers of Azerbaijan December 23, 2010.

Azercosmos OJSC was established in accordance with the Azerbaijani president's decree as of May 3, 2010 to launch a telecommunication satellite into orbit, to manage it and to conduct the operations. Azercosmos's shares are state-owned.