AZERBAIJAN'S RAMEXIM ACQUIRES 10% STAKE IN ATESHGYAKH

The shareholders of the Azerbaijani-Russian insurance company Ateshgyakh have approved the deal to sell a 10% stake to Azerbaijan's RamExim company for 450 million manats, the company has told AzerTAj. This decision has been registered by the State Securities Commission. Within two years, RamExim is to repay the sum, the company said, but did not specify the buyer's core business.Ateshgyakh has a charter capital of 4.05 billion manats, but will increase it to 4.5 by issuing additional shares.

It was founded in 1996 by the State Oil Company of Azerbaijan (SOCAR,) LUKoil-Azerbaijan Ltd., the Russian insurance company LUKOIL and Atlantic Reinsurance Company. The company was leader in premium collection in Azerbaijan in 2001- 02.

In the first half of 2003 it collected about 27.3 billion manats in premiums and paid out 2.04 billion manats.