Baku Metropolitan CJSC plans to increase its charter capital by 31.4% to 3 billion 390 million 326 thousand manats, with a new share issue to fund the move.
Baku Metropolitan CJSC’s charter capital currently stands at 2 billion 580 million 638,400 manats. The company plans to raise this by 809 million 687,600 manats, bringing the total charter capital to 3 billion 390 million 326,000 manats.
To carry out the increase, the company will issue 57 million 262,200 new shares, each with a nominal value of 14.14 manats. The relevant amendments will be made to the company’s charter to reflect the change.
Capital increase follows presidential decrees on restructuring
On May 7 this year, President Ilham Aliyev signed a decree on the reorganisation of Baku Metropolitan. Under that decree, the joint-stock company was restructured through the merger of BakuBus LLC and Baku Taxi Service LLC into its operations.
Under a separate decree signed by the president on October 2, Baku Metropolitan was granted authority to provide passenger transport services via cable car lines. The decree also gave the company powers to improve service quality and safety in this area, introduce digital solutions, carry out design and construction work, and manage services from a single operational centre.
