Azerbaijan, Baku, Oct. 29 / Trend /
Starting October 30, the placement of ordinary registered non-certificated shares of United Credit Bank (UCB) to the sum of 10 million manat will begin, the Baku Stock Exchange (BSE) report stated on Monday.
'The bank also appealed to the Stock Exchange for inclusion of its shares in the BSE unquoted list', the statement noted.
Some five million shares at a par value of 2000 manat are included in the prospectus of emission. Chelsea Capital is underwriter of the placement.
After placement of the emission, the authorised capital of the bank will increase to 24.108 million manat. Currently it stands at 14.108 million manat, while the total capital is 12.785 million manat.
The bank was established on April 30, 1996 as the Russian credit, joint Russian-Azerbaijani Commercial Bank. Currently one entity the Azerbaijani United Business Company which owns 88.79 per cent of shares and two non-resident individuals - Ali Marayev (8.24 per cent) and Ruslanbek Magomadov (2.97 per cent) are the shareholders of UCB.
The official exchange rate on October 29 is 0, 7850 AZN / USD.