Azerbaijani Bank Doubles Capital

Business Materials 8 September 2008 15:02 (UTC +04:00)

Azerbaijan, Baku, 8 September / Trend corr. I.Khalilova/ Bank of Azerbaijan commenced implementation of its plans to double its authorized capital. The stockholders of the bank made the decision in 2006. Baku Stock Exchange (BSE) said on 8 September that the Azerbaijani Presidential Administration State Securities Committee had registered an issue prospect of bank's ordinary stocks in the sum of AZN 10mln, the face value of each stock totalling AZN 20.

As a result of the issue placement, Bank of Azerbaijan's capital will rise to AZN 20mln. Respublika Invest will be the underwriter of stock placement.

After change in the bank's stockholder structure in 2006, the share of Turkish Turanlar D?s Ticaret was sold to Dubai NEM, which owns 1%. Besides for the company, Bank of Azerbaijan stocks are owned by two Azerbaijani individuals.

On 8 September, official exchange rate totalled 0.8147 AZN/USD.

The correspondent can be contacted at [email protected]