“Baku Tobacco Plant”, transformed in the late 1990s into “European Tobacco-Baku” JSC, informed today https://vergiler.az/news_print.php?announcement_id=74958 creditors about reduction in the amount of the authorized capital of 44.4 million manats.

Note that the authorized capital of the company has been changed by reducing the nominal value of shares from 20 manats to 0.10 manats or by 200 times.

Vezir Rajabov, a minority shareholder of “European Tobacco-Baku” JSC, told Turan that the company’s management explained this step with the aging of fixed assets, about which there is a document of the appraisal company.

Worthy of note is that in June this year, “European Tobacco-Baku” JSC announced the distribution of profits and the payment of dividends to shareholders. There are 2,231,760 shares in circulation, owned by several hundreds legal and physical entities. The company is considered a part of the family business of the Minister of Emergency Situations Kemaleddin Heydarov.

Note that “Baku International Tobacco” LLC has been operating on the territory of “European Tobacco-Baku” since 2017 http://bakuinternationaltobacco.com/ru/contact , which is also a manufacturer of cigarettes

Source: Turan News Agency