Azerbaijani biggest bank starts placing shares
Azerbaijan, Baku, May 30 / Trend A. Akhundov /
İnternational Transaction System company applied to Baku Stock Exchange (BSE) for inclusion of International Bank of Azerbaijan's ordinary registered documentary shares to the non-quotation list of BSE. The start of International Bank of Azerbaijan's shares placement is planned to be held beginning from June 4, 2012, BSE said today.
The company's capital will increase to 340 million manat.
At present, the authorized capital of the bank is 240 million manat.
The Azerbaijani State Securities Committee registered the issue prospectus of IBA ordinary registered shares to the amount of 100 million manat. About 416.67 million shares at 0.24 manat each were issued within the prospectus.
Underwriter is "International Transaction Sistem".
According to the legislation, the shares of the prospectus may be placed during the year.
International Bank of Azerbaijan was founded in January 1992. It is the largest bank in the country. The main shareholder is the Azerbaijani government, which owns 50.2 percent of the shares, 49.8 percent are owned by private physical and legal entities.
The official exchange rate is 0.7858 AZN/USD on May 30.