A sitting of “MIDA” Limited Liability Company’s Supervisory Board is held20/05/2019

On May 17, 2019, a regular sitting of the Supervisory Board of “MIDA” Limited Liability Company, acting under the State Housing Development Agency of the Republic of Azerbaijan, took place.

Declaring the sitting open, chairperson of the Supervisory Board Chingiz Gadimov noted that sales of apartments in the Yasamal Residential Complex on 25 January and 29 April 2019 were carried out successfully.

Following the agenda, for the first time, a report by “MIDA” LTD’s director Farhad Tahmazov on the results of the works performed by the Company in the course of the first four months of the current year was heard. It was informed that constructions of the new residential complex on a 15.4-hectare area along the External Circular Road in the Yasamal District and the Hovsan Residential Complex on a 20-hectare area in the Surakhany District are continuing at a rapid pace. Moreover, works are carried out in connection with the construction of apartment buildings in a 0.76-hectare area in Sumgait city.

Thereafter, the director brought to the attention of the members the independent audit opinion given by “PriceWaterhouseCoopers”. In the audit opinion, the financial and economic activities of “MIDA” LTD were valued as positive, mentioning that the movements of the financial outcomes and monetary facilities were correctly reflected in accordance with International Financial Reporting Standards.

Members of the Supervisory Board, taking into account the report by the director of “MIDA” LTD and the independent audit opinion, concluded that the Company’s activity was satisfactory, underscoring the necessity of performing the future works in accordance with the Charters.

State Housing Development Agency of the Republic of Azerbaijan

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