Millikart Sends Initial Long-term Plan on Center Development to European Bank
Azerbaijan, Baku / Trend corr I. Khalilova / Millikart LLC (the Azerbaijani Plastic Card Processing Centre) has sent to the European Bank for Reconstruction and Development (EBRD) an initial business plan for the Processing Center, the Executive Director of Millikart LLC, Jalal Orujev, reported on 18 September.
It is one of the obligatory terms for considering the expediency of becoming a shareholder of Millikart.
"On the basis of Millikart's business plan the EBRD will make a resolution on its participation share in the Center," Orujov said.
The previous business plan covered 2007-2009 and the Center was recommended to compile its plans for the subsequent two years. The new business plan is designed for 2007-2012.
The stockholders of the Centre have decided to transfer 9% of the nominal stock to the EBRD
The face value of the stock package to be transferred to EBRD makes up AZN 270,000. The head of Millikart believes that the deal with EBRD could be finalized by the end of 2007.
The minimum share of participation of banks in the stock of the Centre is 1% - 10% maximum. The capital of the Centre makes up AZN 4mln owned by 18 stockholders
Azerbaijani ParaBank has sold part of its stock to the EBRD. ParaBank owned 10% of the processing Center's stock when the Centre was established on 14 July 2006. However, later the bank sold 9% of its stocks.
The founders of the Centre are Atabank, AzerDamirYolBank, AzerTurkBank, Bank of Baku, CIBank DebutBank, AmrahBank, KhlgBank, KredoBank, Microfinancing Bank of Azerbaijan, ParaBank, RabitaBank, RespublikaBank, Bank Standard, TekhnikaBank, TuranBank, UniBank and ZaminBank.