“Amrah Sigorta” has increased its authorized capital

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“Amrah Sigorta” has increased its authorized capital

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12 Aug 2020

“Amrah Sigorta” has increased its authorized capital

“Amrah Sığorta” nizamnamə kapitalını artırıb

Amrah Sigorta OJSC increased its authorized capital by 300,000 manats or 6% from 5 million to 5.3 million manats.

“Ranking” reports that  the director of the company Emil Aghasiyev gave information about it.

According to his words, 1,500 new shares with a par value of 200 manats each were issued to increase capital. The securities were acquired by the existing shareholders of Amrah Sigorta in accordance with their shares. In other words, the share distribution of the company’s shareholders has not changed. The placement was done with the support  of Azfinance Investment Company CJSC.

A small part of Amrah Sigorta’s funds remained with Amrah Bank, whose license was revoked. The liquidator (Azerbaijan Deposit Insurance Fund) will return the money to us on a rotating basis. However, the main factor that necessitates the increase in capital is the requirement to form reserves for the company’s expenses by the end of this year. In general, we needed additional funds in the amount of about 250,000 manat, and the shareholders provided that money in excess” – saying E.Aghasiyev noted.

Source: REPORT

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