The par value of the Baku Stock Exchange (BSE) shares was increased from 200 ($117.72) to 800 manats ($470.87) to ensure sustainable development at the expense of retained earnings.
Report informs that the decision was made at an extraordinary general meeting of shareholders.
According to the decision, the value of the authorized capital of the BSE was increased from 1.26 million ($741,622) to 5.04 million manats ($2.96 million).
The BSE was established in 1997. The shareholders of the exchange are 20 legal entities. Among them are seven local banks (Azer-Turk Bank, Azerbaijan Industrial Bank (ASB), Bank of Baku, Kapital Bank, International Bank of Azerbaijan, Yapi Kredi Bank Azerbaijan, and United Credit Bank OJSC, which is in the process of liquidation). Other shareholders include 12 domestic and foreign investment companies, including the Istanbul Stock Exchange (Borsa Istanbul). Except for ASB, the share of other shareholders in the BSE is 4.76%. ASB owns a 9.52% share in the stock exchange.