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Azerbaijani Azer-Turk Bank increases authorized capital

Business Materials 4 May 2011 12:38
The State Securities Committee registered the issue prospectus of ordinary registered book-entry shares of Azer-Turk Bank, the Baku Stock Exchange (BSE) said on Wednesday.
Azerbaijani Azer-Turk Bank increases authorized capital

Azerbaijan, Baku, May 4 / Trend /

The State Securities Committee registered the issue prospectus of ordinary registered book-entry shares of Azer-Turk Bank, the Baku Stock Exchange (BSE) said on Wednesday.

According to information, the amount issued is 633,560 manat and the number of securities 633,560 shares at par value of each one manat. At present, the bank's authorized capital hit 11 million manat, and after allocating the issue, the capital will increase to almost 11.6 million manat.
The underwriter of the placement is Caspian Financial.

Azer-Turk Bank was established May 25, 1995, by Turkish bank TC Ziraat Bank A.S. and Azerbaijani Agricultural and Industrial Bank (now non-banking credit organization Agrar Credit). Share holding of the Turkish capital in AzerTurk Bank may be increased in connection with the privatization of Agrar Credit. It owns 46 percent of the authorized shares. The remaining 4 percent belong to Azerbaijan Turan Bank. The Bank is a member-co-founder and shareholder of the National Processing Center MilliKart.

The official exchange rate is 0.7912 manat to $1 on May 4.

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