Azerbaijan unites state-owned transport and communications companies into holding

BAKU. Nov 8 (Interfax) - Azerbaijani President Ilham Aliyev signed a decree on Thursday to establish the Azerbaijan Transport and Communications Holding (AZCON) to control the 13 large state-owned companies.

The decree indicates that the holding's goal is to improve the activities of state-owned enterprises in the area of transport and communications, including creating a flexible management system to improve economic efficiency and increase state budget revenues.

The seven major state-owned enterprises in the area of transport that have been transferred to AZCON management are CJSC Azerbaijan Airlines (AZAL), CJSC Azerbaijan Railways, CJSC Caspian Shipping Company (ASCO), CJSC Baku Metro, CJSC Baku International Sea Trade Port, BakuBus LLC, and Baku Shipyard. The six state-owned companies in the area of communications are AzerCosmos Space Agency, Aztelekom LLC, AzInTelecom LLC, Azerpocht LLC, Baki Taksi LLC, and the Television and Radio Broadcasting and Satellite Communications Production Association.

The holding operates as a public legal entity, with charter capital totaling 10 million manat, or $5.88 million at the current exchange rate.

A supervisory board of seven people oversees the holding's activities. The country's Digital Development and Transport Minister is the chairman of the board.