AFB Bank to launch placement of shares

Photo: AFB Bank to launch placement of shares
 / Economy news

Baku, Azerbaijan, March 11

By Abbas Akhundov - Trend:

The placement of AFB Bank's shares worth 10 million manats will start at the Baku Stock Exchange (BSE) on March 12, according to a message from the BSE.

The emission prospectus includes 9,020 shares with a par value of 1,109 manats each.

"AFB Bank has applied to the Baku Stock Exchange for inclusion of its ordinary registered book-entry shares to the BSE non-quotation list," according to the message.

The placement's underwriter is 'Technika Capital Management' LLC.

As a result of the share placement the bank's authorized capital will reach 59.72 million manats. These figures exceed the Azerbaijani Central Bank's new requirements for the minimum volume of the banks' total capital [50 million manats] for late 2014.

In December 2008, the Central Bank of Azerbaijan issued a license to AFB Bank to conduct banking activities. Officially, operations began in February 2009.

The bank's shareholders include two individuals with 0.8 percent shares and Gilan LLC with 99.2 percent of shares.

The official exchange rate for March 11 is 0.7844 AZN/USD.

Translated by E.A.

Follow us on Twitter @TRENDNewsAgency