PASHA Life Insurance increases investment in Finex Group

Baku. 8 November. REPORT.AZ/ PASHA Life Insurance OJSC has bought bonds of the Finex Credit OJSC Non-Banking Credit Institutions (NBCI) of the Finex Group.

Report informs citing a source in the financial market.

Notably, Financial Markets Supervision Chamber (FMSC) has registered the NBCI's bond issue on November 1. According to the prospectus, 200 bonds (100 000 AZN) at par value of 500 AZN each were placed on the Baku Stock Exchange CJSC through close placement. PASHA Capital Investment Company CJSC acted as an underwriter of the process. Annual yield of the bonds, issued for the period of 576 days, is 17%. The full amount of the issue was bought by PASHA Life Insurance.

This is the second investment by PASHA Life Insurance in Finex Group in the last 3 months. Earlier, the insurance company purchased 100 000 AZN and 100 000 USD bonds of Finance Leasing OJSC of the holding.

Notably, PASHA Life Insurance was established in 2010. Its authorized capital is 40.25 million AZN. This amount formed on the basis of 7 000 shares with par value of 5 750 AZN each. The shares 100% owned by PASHA Holding LLC.

Finex Credit was established in 2013. Its authorized capital is 0.5 mln AZN, which formed on the basis of 5 000 shares with par value of 100 AZN each. The shares 88% owned by Finance Leasing, the remaining 12% by two physical persons.