Azerbaijani State Bank Sells Shares to Its Work Collective
Azerbaijan, Baku, 26 January / corr. Trend / The State Committee for State Property Management began selling 50% of the government share of the Kapital Bank Joint Stock Company (JSC) to its working collective.
The government share in Kapital Bank totals to 50% (1.2 mln shares). The nominal value of the shares belonging to the working collective amounts to AZN600, 000. Only the working collective can obtain the package of shares. The persons who have a right to return to the former job where they have worked more than 7 years and those who retired and those who left the job after 1 January 1995 as a result of the reduction of the staff can obtain the shares as well in accordance with the legislation of the Azerbaijani Republic.
The applications for the participation can be submitted from 4 March to 27 March. The general meeting of the participants will be held on 28 March to approve the summary of the share's sale. The payments for the purchased shares can be carried out only by Azerbaijani manats.
Kapital Bank JSC is being privatized (the remaining 50% government share) in line with the Presidential decree of 19 October 2007. 50% of the government share passed into the ownership in 2007. AtaHolding (20%), Xalg Bank (20%) and Azersun holding (10%) become new shareholders of the state bank.