Azerbaijani Muganbank starts selling shares

Photo: Azerbaijani Muganbank starts selling shares
 / Economy news

Baku, Azerbaijan, April 21


The placement of emission of JSC Muganbank's ordinary nominal undocumented shares worth five million manats will start at the Baku Stock Exchange (BSE) on April 23.

"The bank asked for the inclusion of its shares into the unquoted BSE list," according to a message from the stock exchange.

Some 25,000 shares at par value of 200 manats each were issued within the emission.

Muganbank's shareholders will be able to use their preferential right to purchase shares until September 20, while the term for emission placement will expire on October 23, 2014.

The placement underwriter is Texnika Capital Management Ltd.

Muganbank has been functioning since 1992 and its service network in Azerbaijan includes 31 branches and five sub-branches. The bank also has a representative office in Moscow, Russia.

Since its creation Muganbank's most important tasks were active participation in developing Azerbaijan's economy, rendering all types of banking services to a wide range of population, and a desire to become one of the leading financial institutions in the banking system.

The official exchange rate on April 21 is 0.7843 AZN/USD.

Translated by E.A.

Edited by S.I.

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