Finance

Finance

MBASK Insurance Company more than double authorized capital

03 December 2009 13:33 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. MBASK Insurance Company will increase its authorized capital stock by 50% to AZN 3 million by the yearend, according to the decision taken at the general meeting of shareholders.

Under the decision, AZN 1 million worth of shares will be issued this month.

The company said in a statement that the shareholders decided to inject all the profits in 2009 to the authorized capital.

As a result, the companyâ€™s authorized capital will be further increased by at least AZN 1.5 million in the first quarter of 2010 through the company’s profit for 2009.

Deputy Chairman Rashad Abbasov said the company targets to achieve at least 50% increase in insurance proceeds in 2010.

Established in 1992, MBASK is owned by the European Bank for Reconstruction and Development (30%) and individuals.

As of November 1, 2009, its authorized capital stood at AZN 2 million. The company currently provides 29 types of insurance services.