Azercosmos's capital jumps

/By AzerNews/

By Nigar Orujova

The State Securities Committee has registered the issue prospectus of ordinary registered uncertified shares of the country’s space agency Azercosmos totaling 23.6 million manats (about $30 million).

The emission includes 1,180,530 shares at par value of 20 manats ($25). Thus, the authorized capital stock of the Agency increased from 63,610,600 manats ($81,032,600) to 87,221,200 manats ($111,110 million).

Azerbaijan became a member of the space club by launching its own satellite into orbit in February 2013 with the Ariane 5 ECA launcher of French "Arianespace" company.

In September, Azerbaijan's government has increased the registered capital of the first satellite operator in Caucasus Azercosmos from 40 million manats ($50.9 million) to over 63 million manats ($80.2 million).

Earlier, it was reported that Azercosmos finished 2013 year with 8.1 million manats ($10.3 million) profit and 554,000 manats' ($706,272) income from sales. The loss of the year exceeded 42.3 million manats ($53.9 million) compared to 2.25 million manats ($2.86 million) in 2012.

The regulations and structure of Azercosmos was approved by the Cabinet in December 2010. The state-owned agency, established in 2010, was created to launch into telecommunications satellites, manage and implement maintenance activities.

The satellite operator provides services of digital television, data transmission, creation of multiservice VSAT networks through the use of a telecommunications satellite "Azerspace / Africasat-1a".

Azerspace-1 telecommunication satellite launched in February 2013 covers Eastern Europe, the Caucasus, Central Asia and North Africa.

The satellite was originally designed to offer digital broadcasting services, internet access, and data transmission. It has also set up multiservice VSAT networks and offered governmental communication services.

Some 80 percent of the satellite's resources are available for commercial purposes. Baku is expected to earn $500-600 million by operating the satellite.

Azerspace is broadcasting over 80 TV and radio channels including Georgian, Turkish, Ukrainian, and South African TV channels. The TV is available when satellite antennas configured with 11,169 MHz frequency, 20,400 speed, Horizontal and FEC - 5/6 polarization.

Strategic development plans of the company include launch of the second telecommunications satellite and establishment of commercial business of Earth observation services in upcoming years.