Standard Insurance will increase authorized capital at least 5 mln AZN

Baku. 3 July. REPORT.AZ/ The postponement period given by the Financial Market Supervision Authority to the "Standard Insurance" OJSC for increasing the authorized capital has come to an end.

Report informs citing the company, so far no steps have been taken in this direction. Nevertheless, Standard Insurance does not intend to leave the market.

"Although the period has ended, the company's shareholder is currently negotiating with the FIMSA on capital increase. Standard nsurance will increase the authorized capital by at least 5 million AZN, " company said.

Standard Insurance operates since 2002. The authorized capital of the company is 11 million AZN. The company's shares owned by "AB Standard" CJSC.

The company completed 2016 with a net loss of 6 million AZN and is now experiencing financial difficulties. Chairman of the Board of Directors of the FIMSA Rufat Aslanli told reporters on May 30 that the Standard Insurance shareholder is entrusted to settle the issue with capitalization, otherwise the company may lose its license.