Baku, Azerbaijan, March 16
By Abbas Akhundov - Trend:
Azerbaijan's State Committee for Securities registered the issue prospectus of Bakı Sıgorta insurance company's ordinary non-documentary nominal shares worth 1,849 million manats, according to a message from Baku Stock Exchange (BSE).
Some 2,434 shares at par value of 760 manats each will be issued as part of the emission.
Thus, the company's authorized capital will increase by 28.34 percent, reaching 8.37 million manats.
The requirements for minimum total capital of non-life insurers were approved by Azerbaijani Finance Ministry at the level of five million manats.
The deal's underwriter is the 'Texnika Kapital Menecment' LLC.
Bakı Sıgorta's controlling stake is owned by Bank Respublika OJSC (51 percent).
The company has operated since August 28, 2007 and has a perpetual license for rendering 25 voluntary types of insurance services.
The official exchange rate on March 16 is 0.7843 AZN/USD.
Translated by E.A.
