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Azerbaijani increases capital by 11 percent

Business Materials 22 July 2011 17:59
The Azerbaijani State Securities Committee has registered the issue prospectus of Express bank's ordinary registered shares to 56.67 million manat.
Azerbaijani increases capital by 11 percent

Azerbaijan, Baku, July 22 /Trend N. Ismayilova /

The Azerbaijani State Securities Committee has registered the issue prospectus of Express bank's ordinary registered shares to 56.67 million manat.

The bank increases share capital by increasing the par value of shares. Thus, while maintaining the number of shares (245,194 units) in the capital, their face value was increased from 208 manat to 231.13 manat.

As a result, the authorized capital will be increased from 51 million to 56.67 million manat, or 11.1 percent.

Express bank, formerly known as Azerneqliyyat Bank, was established in 1989 as a commercial bank. In 2005 it was converted into an open joint stock company.

The official exchange rate is 0.7865 manat to $1.

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