Azerbaijan, Baku, March 29 / Trend /
Placement of OJSC United Credit Bank's ordinary registered book entry shares on the Baku Stock Exchange with an issue volume of 35 million manat starts on March 29, the BSE reported.
'The bank applied to the CJSC Baku Stock Exchange (BSE) for inclusion of its ordinary registered book entry shares to the non-quotation list of BSE', the statement said.
The quantity of shares within the issue totals 17,500 at a par value of 2000 manat. Çelsi Kapital LLC acts as underwriter of the placement.
As of January 1, 2013, the bank's authorised capital totalled 20.108 million manat, and the aggregate capital - 19.48 million manat.
In October last year, UCBank issued shares to the sum of 10 million manat, after placement whereby the charter capital of the bank should have amounted to 24.108 million manat. Accordingly, the new issue will increase UCBank's capital to 59.108 million manat which will exceed the new requirement of the Central Bank of Azerbaijan for the capitalisation of banks which will come into force from January 1, 2014.
Under the legislation, the shares may be placed throughout the year.
The bank began operations on April 30, 1996 as a joint Russian-Azerbaijani Commercial Bank 'Russian Credit'. Currently, UCBank's shareholders are one legal entity - the Azeri United Business Company, which owns 88.79 per cent of the shares and two non-resident individuals Ali Marayev (8.24 per cent) and Ruslanbek Magomadov (2.97 per cent).