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Basak-Inam raises share capital by 20%

14 November 2008 15:01 (UTC +04:00)

Baku. Nicat Mustafayev â€“ APA-Economics. Azerbaijan State Committee for Securities has registered Basak-Inam Insurance Companyâ€™s issue prospectus of certificated ordinary registered stocks.
The volume of the issue is AZN 200 000 and face value per stock AZN 200. According to the issue prospectus, placement will be held by public subscription at the Baku Stock Exchange.
Experts say placement will start in November.
If floated successfully, its share capital will rise by 20% to AZN 1.2 million.
Basak-Inam has been in operation since 1996. The company is owned by Turkeyâ€™s Basak Group AMA (49%), Turanbank (15%) and Azer-Turk Bank (10%).
As of October 1, the authorized capital stood at AZN 1 million. The company provides 4 compulsory and 27 voluntary types of insurance services.
It earned AZN 2.323 million in premiums and paid AZN 1.031 million for insurance claims during January-September.