Azerbaijan eyes to set rules for sale of controlling stakes in OJSCs

By  Trend

Amendments to Azerbaijan’s Civil Code offer to establish rules for the sale of controlling stakes in open joint-stock companies (OJSCs).

Under the amendments, the sale of 50 percent or more of an OJSC’s shares or the purchase of a similar amount of shares in another OJSC can be decided if it is approved by two-thirds of participants of the general meeting.

In addition, those wishing to purchase a controlling stake in an OJSC should formally submit relevant proposal to each shareholder of the OJSC.