AGBank Shareholders Accept American Company as its Shareholder
Azerbaijan, Baku, 13 May / corr Trend I.Khalilova / The founders of the Azerbaijani bank AGBank have approved the sale of 10% of stock to the US company Kazimir Investment Caspian Fund in a meeting on 13 May, Azer Movsumov, chairman of the managing board of the bank, said. The bank sold its tock at AZN 8.360mln.
The deal was carried out through new emission, registered at the State Securities Committee.
The entrance of a new shareholder will increase the bank's statutory capital from the current AZN 12mln to AZN 20.360mln.
At present, AGBank has approximately 80 shareholders. So far, the International Finance Corporation was considered the only foreign shareholder holding 17.5% (735,000 shares) stake in the bank's capital at AZN 1.470mln.
At present the bank's assets exceed AZN 170mln.
On 13 May, the official rate of US dollar was AZN 0.8269.
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