Azerbaijan's largest agri-processing conglomerate eyes London listing

By bne IntelliNews October 20, 2016

Azersun Holding, the largest agri-processing conglomerate in Azerbaijan, is eyeing a public listing on the Baku and London stock exchanges in the medium term, CEO Savash Uzan told abc.az on October 19.

“We intend to launch the [listing] process by the end of next year and to place some 30% to 40% of the shares in the Azerbaijani Sugar Production Company on the bourses,” Uzan said about one of the processing facilities under the conglomerate's control.

Azersun Holding is an oligopoly that controls some of the most lucrative agri-processing niches in Azerbaijan, such as the production of fruit juice, fruit and vegetable preserves, pomegranate sauce, tea, dairy, spices, and canned and processed foods. Past investigations have linked the holding to the country's first family through two Iranian businessmen.

Azerbaijan has long sought to boost its domestic capital markets. The local bourse has little activity at the moment in the form of over-the-counter trading of debt instruments. An initial public offering of tech company GoldenPay, first expected in 2013, never took place.

Furthermore, given the level of opacity in corporate governance in the country - and in Azersun in particular - the company will have its work cut out to meet listing requirements on foreign bourses like the London Stock Exchange. 

Related Articles

Azerbaijan's biggest lender posts unexpected profit in Q1

The International Bank of Azerbaijan (IBA), the largest lender in the country, reported a 24% y/y increase in operating income to AZN218mn (€123.4) in the first quarter of 2017. The bank also ... more

Azerbaijani firms linked to political elites missing from tax registry, investigation reveals

A Radio Free Europe/ Radio Europe (RFE/RL) investigation revealed on March 24 that some 29 companies with ties to Azerbaijani President Ilham Aliyev, his family and the families of other government ... more

Bombardier's Swedish branch embroiled in corruption scandal related to Azerbaijani contract

The Swedish branch of Canadian aerospace multinational Bombardier is suspected of bribing its way into a $350mn contract with the government of Azerbaijan, a new investigation reveals. According ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss