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Caspian International Investment Company boosts share capital by 19-fold

25 September 2008 09:55 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics Azerbaijan State Committee for Securities has registered Caspian International Investment Companyâ€™s issue prospectus of ordinary registered ordinary book-entry stocks.
The volume of the issue is AZN 52.734 million and face value per stock AZN 850.
Experts say placement is likely to start in October.
Successful flotation will increase the share capital by 18.9 times to AZN 55.684 million. The additional issue will be distributed in accordance with the interests held by shareholders.
Caspian International Investment Company, jointly established last year by Azerbaijan Investment Company (AIC) and the Islamic Corporation for the Development of the Private Sector in November, 2007, operates on sharia. The company will achieve a $70 million capital in two years.
By the decision passed by the Supervisory Board, Azerbaijan Investment Company will make $14 million equity investment in the 25% stake within two years.