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ADA Group to obtain first tranche from Black Sea Bank in June

Business Materials 22 May 2009 17:58 (UTC +04:00)

Azerbaijan, Baku, May 22/ Trend N.Ismaylova /

ADA Group of Companies will receive the first $6 million tranche from the Black Sea Trade & Development Bank (BSTDB) in June, the President of the ADA Group Board of Directors Sergey Ivashkevich said on May 22.

"The first tranche from the BSTDB will be received in June, and the issue of attracting additional funds from other international financial institutions will depend on the spending of the funds and closing the credit line obtained from the Black Sea Bank," said Ivashkevich.

According to him, the clarification of the issue of attracting new foreign loans is expected after the second quarter, and will depend on the liquidity of the Group.

BSTDB approved a loan in amount of $9 million for ADA Group in the end of 2008.

Almali is one of the largest projects of the International Finance Corporation (IFC) in non-oil sector of Azerbaijan. ADA Group of Companies was established in 2005, and in 2007 launched a project to create a network of supermarkets "Almali" with total cost of $50 million. IFC provided $18 million for ADA-Ticaret AS, of which $6 million is intended to participate in the company's capital and $12 million for development.

Before entrance of IFC, 80 percent of ADA Company belonged to the Austrian A & DA Holding GmBH, established by three individuals, one of whom is the citizen of Russia. The remaining 20 percent of the shares were distributed amongst the Azerbaijani companies.

Currently 40 stores of Almali operate in three cities of Azerbaijan, 35 of which are located in Baku, three in Sumgayit, two in Ganja and one distribution center in Khirdalan.

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