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29.09.2014 14:02

Azerbaijani satellite operator increases its capital by almost 60%

By Huseyn Veliyev - Trend:

The authorized capital of the Azercosmos OJSC satellite operator of Azerbaijan increased from 40 million AZN to 63.610.600 AZN by the decision of the Cabinet of Ministers of Azerbaijan.

Text of the decision on amendments to the regulation of Azercosmos was published on the website of the Cabinet Sept.20.

The total number of shares increased from 2 million units to 3.180.530 units at a nominal value of 20 AZN each share, as part of the capital increase of the satellite operator.

Regulation and structure of Azercosmos were approved by the Cabinet of Ministers of Azerbaijan December 23, 2010.

Azercosmos OJSC was established in accordance with the Azerbaijani presidents decree as of May 3, 2010 to launch a telecommunication satellite into orbit, to manage it and to conduct the operations. Azercosmoss shares are state-owned.

Founding of Azercosmos OJSC sought two purposes: to create a basis for the formation and use of outer space for peaceful purposes and to use space for commercial purposes.

Satellite operator of Azerbaijan renders services of digital television, data transmission, creation of VSAT multiservice networks via the use of Azerspace / Africasat-1a telecommunication satellite.

The first Azerbaijani satellite was launched on February 8, 2013. The satellite is located at the orbital position of 46 degrees east longitude. The service area of Azerspace / Africasat-1a includes the countries of Europe, the Caucasus, Central Asia, Middle East and Africa.

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