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Azerbaijani AG Bank begins process of recapitalization

Business Materials 21 July 2012 11:13 (UTC +04:00)
Placement of ordinary registered shares of JSC Azəriqazbank on Baku Stock Exchange (BSE) will start from July 23, issued by the total amount of five million manat, the BSE said.
Azerbaijani AG Bank begins process of recapitalization

Azerbaijan, Baku, July 21 /Trend A.Akhundov/

Placement of ordinary registered shares of JSC Azəriqazbank on Baku Stock Exchange (BSE) will start from July 23, issued by the total amount of five million manat, the BSE said.

Some 2.5 million shares at par value of 2 manat each have been issued within the prospectus.

Underwriter of the placement of Azəriqazbank shares will be Caspian Financial.

"The bank asked for inclusion of its shares in non-quotation list of the BSE," the report says.

Currently, the authorized capital amounted to 20 million manat, and after placing the new issue will be brought up to 25 million manat.

AG Bank was founded in 1992. The bank's shareholders are the International Finance Corporation - 17.5 percent, the Kazimir Partners company - 10 percent. The number of minority shareholders is 69, and their total share in the bank's capital is 31.81 percent, and two individuals own 40.69 percent of the equity.

Official exchange rate on July 21 is 0.7857 AZN/USD

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