Newsfeed

ACBA-CREDIT AGRICOLE BANK announces results of draw among Visa Student cardholders and student loan borrowers

INECOBANK receives first US$5mn tranche from EBRD to finance renewable energy and SME

Banks buy $1.7 million out of $4 million offered by Central Bank on 20 December

Beeline and Technology Development Center present App Armenia system and mobile application

Vigen Barseghyan appointed as Acting Director General of Areximbank-GPB Group

Vallex Group launches mining at Teghout copper-molybdenum deposit

Anelik Bank faces no problems with liquidity amid national dram hyper-devaluation due to financial support Credit Bank S.A.L.

On 20 December ACBA-CREDIT AGRICOLE BANK to hold annual prize draw ahead of the New Year among Visa Student cardholders and raffled off tuition fees

Expert: In 2015 the situation over Nagorno-Karabakh will not be better than in 2014

Nagorno-Karabakh PM: Question whether there should be a customs point on Armenian-NKR border is no longer on agenda

Expert: AMD's depreciation will not prevent Armenian Government from fulfilling next year's budget

House of Representatives of Belarus ratifies agreement on Armenia's accession to Eurasian Economic Union

Prosecutor insists on life and 22-year terms for Azeri raiders

Open Days at Yerevan Brandy Company

John Heffern says Armenia has not received invitation by Millennium Challenge Corporation this year

John Heffern: The USA wants to go on stimulating reconciliation of the Armenian and Turkish peoples

ARFD: The Turkish-Azerbaijani tandem has sharply activated at the world arena

John Heffern: Agreement on Vorotan Cascade of HPPs to be signed shortly

Kazakhstan Senate ratifies treaty on Armenia's accession to EEU

Drivers of public mini-van go on being on strike because of raising fuel price

Armenian PM: There will be no more shocks on financial market

Armenia's Central Bank tries to sell $4mln but nobody buys it

Beeline to complete digitization of the network in Metsavan, Norashen and Kuchak communities

European Union launches 15 new projects in Armenia

Inga Zarafyan: Mining industry has leading positions in terms of environmental damage

Hovik Abrahamyan familiarizes himself with prices at Armenian supermarkets

Rostelecom expands network of acceptance of payments through banks

Baby born with parasitic twin fetus in Armenia

Parliament of Kazakhstan ratifies treaty on Armenia's accession to EEU

Public transport drivers in Nor-Nork District in Yerevan block road to city center

Artur Javadyan: Armenia's Central Bank is not planning prescheduled revision of its refinancing rate

Armenia's CB: AMD's hyper-depreciation has been caused by panic and speculations

Small business in Armenia to be red-listed

AIC sold the shares in the two companies for an unknown price

  • Friday, January 18, 13:15

Baku. In 2012, the state-run Azerbaijan Investment Company (AIC) in view of the successful activity of the Sangachal oil and gas terminal and the Masazyr salt plant sold its shares in these projects to partners. This became known at the January 15 Cabinet meeting chaired by President Ilham Aliyev during the report by Economic Development Minister Shahin Mustafayev.

A few days ago CEO AIC Rovshan Najaf gave interviews to the local press, but did not mention these deals.

In 2007, the AIC acquired a 25% stake in two CJSC Sangachal oil and gas terminal and Azerbaijani association of salt production." Investments in these companies by AIC were announced at the signing of contracts respectively for $ 9 million and $ 2.9 million.

The press service of the ministry did not disclose the cost of transactions of purchase and sale of shares in these companies AIC. Press Secretary of the Ministry of Economic Abbas Aliyev said only that "the transaction was successful, and the cost exceeds the amount of the investments."

In the department of Public Relations Ltd. Azersun Holding they told Turan that AIC has sold its stake in the plant for the refining of salt at a price not lower than their investments.

               In another project involving AIC its partner is LLC Qafqaz Trans Service - a subsidiary of the Company Azersun Holding. This company did not disclose information about buying a 25% stake in Sangachal Oil and Gas Terminal JSC either.

According to the exit strategy from the AIC invested projects, the company can sell its shares by public offering on the stock exchange, a strategic investor or existing shareholders. For whatever reasons in both investment projects AIC chose the latter path.

JSC AIC was established in March 2006. Its registered capital is 160 million manats. The purpose of creation of the company is the promotion of non-oil sector.

According to the Civil Code and the regulations of the State Securities Committee, an insider in this case, the holder of more than 10% of the shares shall be published in the media all the information about the transaction of purchase and sale of shares.

Send to a friend

To (e-mail)


Your name


Message


Comments

View comments (0)
  • READ ALL COMMENTS
  • POST A COMMENT

Be first to comment on this article

* Indicates required fields