Azerbaijan, Baku, July 30 / Trend /
The State Committee for Securities (SCS) of Azerbaijan has registered the emission prospectus of ordinary documentary nominal shares of the International Bank of Azerbaijan (IBA) for a total of 368.3 million manats, a committee report published on its website on Tuesday said.
Placement of shares will be carried out by converting the total number of shares amounting to 1,416,666,675 units with a nominal of 0.24 manats each into the same amount of shares with a nominal value of 0.26 manats.
As a result of the emission, the bank's authorized capital will increase by 8.3 percent - from 340 million manats to 368.3 million manats.
According to the decision of the general meeting of shareholders of the IBA, made on June 14, the increase of capital will be achieved at the expense of profits earned in 2012. As of July 1, 2013, the total capital of the bank amounted to 765.56 million manats, which is 61.4 percent higher than the indicator on July 1, 2012.
Last year, the total profit of IBA amounted to some 58.5 million manats. The shareholders decided to allocate 14.1 million manats from the profits for the payment of dividends, accounting for 5.2 percent per annum. A part of the profit that amounts to $28.3 million manats will be directed to increasing the authorized capital. Some 16 million manats were left as the bank's net profit for 2012.
The International Bank of Azerbaijan was founded in January 1992 and is the largest bank in the country. The bank's main shareholder is the Azerbaijani government, which owns a 50.2 percent share, 49.8 percent of share is owned by private individuals and legal entities.
The official exchange rate for July 30 is 0.7845 AZN / USD.