Azerbaijan, Baku, April 12 / Trend /
Placement of Ag Bank OJSC's interest bearing book entry registered unsecured bonds at the total amount of 12 million manat on the Baku Stock Exchange (BSE) starts on April 15, according to BSE's statement released in Friday. The par value of each bond is 1000 manat.
'The bank applied to the Baku Stock Exchange CJSC for inclusion of its bonds on the BSE's non-quotation list', according to the statement.
The annual rate of bonds equals 12 per cent. The turnover period for the bonds is three years with payment of interest made on a quarterly basis. Pasha Kapital LLC acts as the underwriter of bonds placement.
By the end of 2012, the authorised capital of the bank amounted to 25 million manat, while the aggregate capital is 42.56 million manat. A new requirement of the Central Bank of Azerbaijan which comes into force on 1 January 2014 is for aggregate bank capital to be at least 50 million manat. The bank's shareholders will consider the issue of increasing AGBank's share capital during a general meeting scheduled for April 19.
AG Bank was founded in 1992. The bank's shareholders are the International Finance Corporation - 17.5 per cent, the Kazimir Partners company - 10 per cent and 69 minority shareholders with a 31.81 per cent total share in the bank's capital and two individuals owning the remaining 40.69 per cent.
The official exchange rate on April 12 is 0.7845 AZN / USD.