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EBRD Makes Next Appeal to Azerbaijani Processing Center for Forecasts by 2010

Business Materials 5 November 2007 18:29 (UTC +04:00)

Azerbaijan, Baku / corr Trend I.Khalilova / The European Bank for Reconstruction and Development (EBRD) appealed to Millikart Ltd for additional data until the adoption of a decision on its becoming a shareholder, the Executive Director of Millikart LLC, Jalal Orujev, said on 5 November.

Along with a business plan on development of the processing enter over the subsequent 5 years by 2012, the EBRD appealed for data from management of Millikart, financial indices for 3 quarters of 2007 and forecasts by 2010.

The EBRD anew made an unofficial desire to participate in the Center, but the decisvion should be taken at a meeting of the Bank's Board of Directors.

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.

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