Azerbaijani Bank Shares Sold to Foreign Investor Almost 6 Times More than Its Nominal Value

Business Materials 14 May 2008 15:51 (UTC +04:00)

Azerbaijan, Baku, 14 May/ corr. Trend I. Khalilova/ The U.S. Kazimir Investment Caspian Fund purchased 10% of the shares of the Azerbaijani AGBank 5.6 times expensive than its nominal value. While the nominal value of 10% of the shares is AZN1.5mln, it has been sold to the foreign investor at AZN8.360mln, said Alakbar Aliyev, the head of the PR Department of the Bank.

The shareholders of the Bank ratified the founder's agreement with Kazimir Investment in the meeting held on 13 May.

Changes have been made to the charter of the company due to the changes in the composition of shareholders.

The authorized capital stock of the company will go up to AZN26.566.000- with a nominal value of each share totaling AZN10,000 due with the entry of a new shareholder, Aliyev said.

Currently, AGBank has about 80 shareholders. The International Finance Corporation (IFC) was the only foreign shareholder of the Bank up till now with 17.5% share in the capital of the bank worth AZN1.470mln.

At present, the Bank's assets exceed AZN170mln.

The official exchange rate for 14 May is 0,8276 AZN/USD.

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