Azerbaijan’s sole reinsurance company AzRe Reinsurance OJSC plans to increase its authorized capital by 25%, to 50 million manats (AZN), the message of Azerbaijan’s Financial Market Supervisory Body said.
The supervisory body registered the issue of ordinary nominal book-entry shares of the reinsurance company at face value of 25,000 manats in 2000. The issue placement will be carried out through converting these shares into the same amount of shares at face value of 20,000 manats each.
Fuad Guliyev, chairman of the company’s Management Board, earlier said that a part of the profit made in 2015 would be directed to increase the capital.
“This step is necessary for the restoration after two devaluations”, Guliyev said. “The year was difficult, there were losses, but despite this we completed 2015 with a profit of 14 million manats versus 11 million manats in 2014”.
He went on to add that the company’s assets increased to 70 million manats.
AzRe Reinsurance began operating in 2007. The company’s total capital is 69.51 million manats. (Trend/Business World Magazine)