Size of AKKORD Corporations equity capital within transformation to TNC made over $100 million
Baku, Fineko/abc.az. OJSC " Construction- Industrial Investment Corporation Akkord», which is one of construction sector leaders not only in Azerbaijan but in South Caucasus region on the whole, keeps on conducting large construction and investment projects inside and outside the country. The report from the corporation says that its main mission is to leave worthy print in modern construction history of Azerbaijan and strengthen its power in Caucasus and Eurasias industrial-investment sector through participation in important regional projects. In other words Akkord corporation pursues the objective of turning into Trans-National Corporation ( TNC) , overstepping Azerbaijans borders and competitive at international level.
One of the next steps in this direction has become increase of equity capital of Akkord Corporation. In particular, at the extraordinary meeting of Corporation shareholders on 10 January 2012 it was decided to increase equity capital from AZN 24 million to AZN 84.001 million ( about $106 million) by increase of nominal value of shares through the shareholders additional money contributions for AZN 60.001 million and placement of 4.800.102 registered uncertificated shares with AZN 17.5 face value each.
In accord with decision of general shareholders meeting the Corporation made common appeal to relevant state body to register the share issue and 4.800.102 book-entry, registered shares with AZN 17.5 face value each were registered on 24 January by State Securities Committee. In connection with placement of issue of shares with increased par value among the shareholders an appeal was made to JSC «National Depositary Center " and placement of shares with increased par value among the shareholders was completed.
Increase of Akkord Corporations equity capital up to over $100 million creates a strong base both for strengthening of investment potential and competitiveness at international markets and for stable position of Azerbaijani company through large capitalization. Presently, along with Azerbaijan, Akkord carries out business projects in Georgia, Kazakhstan, Afghanistan, Turkey, Ukraine and Uzbekistan. Also representative office of the corporation was established in Frankfurt city of Germany to strengthen business relations in European Union countries.
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