Azerbaijani-Turkish insurance company ups capital

Placement of issue prospectus of ordinary documentary shares of the Azerbaijani-Turkish Insurance Company "Basak-Inam Sıgorta Sirketi" worth 2.5 million manat will start from Dec.30, Baku Stock Exchange (BSE) said on Saturday.

Within the prospectus 12,500 shares with nominal value of 200 manat each were issued. Underwriter of placement of the company's shares is "Celsi Kapital". The company also appealed to the Stock Exchange to include insurance company's shares in non-quotation list of the BSE.

Thus, the company's authorized capital will be increased from the current 3.5 million to 6 million manat. As the company's CEO Orkhan Hasanov told Trend earlier, the capital is envisaged to be increased at the expense of shareholders' funds.

Basak-İnam Sıgorta Sirketi operates in the country's insurance market since 1996. The Turkish company Groupama-Groupama Sigorta A.S., a daughter company to the largest insurance company in France and Europe and operational in 15 countries, owns 49 percent of company shares.


/Trend/