Azerbaijan, Baku, 2 July / Trend corr. U.Ismayilova / One of the Azerbaijani largest insurance companies - Xalq Sigorta, for the first time has invested its authorized capital.
According to the decision of the privatization commission, some 85% state shares were purchased by AtaHolding OJSC and 30% by Pasa Holding CJSC. Xalg Sigorta CJSC purchased 15% and Azersun Holding CJSC - 10%.
"Investing of funds is a strategic development plan of Xalq Sigorta," Akbar Tahirli, Deputy Chairman of the Board, said.
Tahirli said that assets were purchased at the expense of the authorized capital, which has been increased from AZN 2mln to AZN 10.68mln in 2007, and became the highest authorized capital amongst insurance companies in Azerbaijan and Caucasus.
Xalq Sigorta was founded in December 2004. On 25 March 2005, bank received license. According to the Azerbaijani Finance Ministry, from January to March, Xalq Sigorta collected premiums on te sum of AZN 3.45mln with payments AZN 0.34mln.
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