Date of Azerbaijani insurance company’s shares placement announced

Alfa Insurance applied to Baku Stock Exchange (BSE) for inclusion of its ordinary registered book-entry shares to the non-quotation list of BSE. The start of the Alfa Insurance’s shares placement is planned to be held beginning from March 14, 2011, the Baku Stock Exchange said.

The State Securities Committee registered the issue prospectus of ordinary registered book-entry shares of Alfa Insurance totaling $1.5 million manat on Feb.28. Within the issue prospectus 1,500 shares with a nominal value of each 1,000 manat were issued.

As a result of issue placement the company's authorized capital will increase to 4.6 million manat compared to current 3.1 million manat.

Alfa Sigorta was founded by Texnikabank, which bought a 100% stake in the company in Dec. 2006. Alfa Sigorta is licensed to provide 30 kinds of insurance services, including 6 compulsory and 24 voluntary.


/Trend/