Finance

Home page

Finance

BE&G Insurance Company raises capital

17 October 2008 09:34 (UTC +04:00)

Baku. Vugar Mustafayev â€“ APA-Economics. The State Committee for Securities registered the issue prospectus of ordinary registered book-entry stocks of BE&G Insurance OJSC.
The volume of the issue is 400 000 AZN, face value per stock 5.000 AZN. According to the issue prospectus, placement will be held by means of the public subscription method at the Baku Stock Exchange.
AzerInterTrade LLC will be the underwriter of placement of stocks.
Those intending to purchase stocks can apply to an organization being the member of â€œBaku Stock Exchangeâ€ CJSC and having a brokerage license.
The stocks of BE&G Insurance OJSC will be placed on the web-site of the Baku Stock Exchange.
Experts say placement is likely to start in October.
If floated successfully, the insurance companyâ€™s share capital will rose by 50% to AZN 1.2 million.
After the Ministry of Finance refused to extend Azer-Asia Insurance Companyâ€™s license, the latter sold its insurance portfolio to BE&G Insurance.
Owned by two individuals, BE&G was established in 1998 under the name of Nakhchivan Insurance Company and renamed in 2001.
As of July 1, its authorized capital stood at AZN 800,000. The company provides 23 voluntary and 4 compulsory types of insurance services.