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A transport and communication holding company (AZCON) has been established in Azerbaijan.

The corresponding decree was signed by President Ilham Aliyev, international news agency of Kazakhstan “Kazinform” reported.

The list of state-owned enterprises, public law legal entities and economic companies with state share to be transferred to the management of the holding was also approved.

The holding includes joint stock companies “Azerbaijan Hava Yollari”, “Azerbaijan Caspian Shipping Company”, “Baku Metro”, “Baku International Sea Trade Port”, “BakuBus”, “Baku Shipyard”, “Azercosmos”, “Aztelecom”, “Azerbaijan International Telecom” and “Azerpochta”.

The general management of AZCON will be carried out by the Supervisory Board, and the day-to-day management will be carried out by the Executive Director. The authorized capital of the holding has been set at 10 million manat and will be formed at the expense of funds paid by state-owned enterprises transferred to its management.

The decision to establish a transport and communication holding company is aimed at improving the work of state-owned enterprises operating in the transport and communication sector.

ORIENT news

Photo: miit.ru