Azerbaijan, Baku, 11 August / corr. Trend I.Khalilova / The European Bank for Development and Reconstruction (EBDR) will purchase shares of Millikart LLC, when shareholder of processing centre get familiarized with the EBDR's terms, Jalal Orujov, the executive director of the LLC, said.
According to Orujov, talks have been held with the EBDR's mission on this topic recently. The Bank submitted its proposals concerning implementation of the agreement's terms. The terms include issues on share parts, as well as the cost of purchased package. The bank is expected to purchase package within the limit from 10 to 19 interests.
The Euro Bank's entrance to Millikart shareholders will take place at the expense of additional issue. Earlier 9% of shares on nominal, which ParaBank joint-stock and business bank was prepared to yield, was planned to give to the EBRD. On 14 July 2006 during the establishment of the Open Ltd., ParaBank joined shareholders of the centre with 10% of shares. However, later it intended to purchase 9% of shares and to maintain only 1% in its property. However, ParaBank refused from its plans and maintained the whole package. In this connection, the EBRD's entry is possible through additional issues.
At present, minimum size of banks' participation in the centre's capital makes 1% and maximum - 10%. Currently, it was formed at AZN 4mln by 18 shareholders.
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