Azer-Turk Bank's authorized capital brought up to 50M AZN
Baku, Azerbaijan, Dec. 29
By Maksim Tsurkov - Trend:
Baku Stock Exchange has completed the process of ordinary unregistered share placement of "Azer-Turk Bank" OJSC.
The authorized capital of the bank has amounted to 50 million AZN through placing 5,776,341 shares with a par value of 1 AZN. "Invest-less" LLC is the underwriter of the issue.
Before the last issue, the authorized capital of Azer-Turk-Bank was 44,223,659 AZN. Shareholders of the bank are State Property Committee of Azerbaijan Republic (85%), Ziraat Bank of the Republic of Turkey (14%) and Ziraat Bank International AG (1%).
According to the Azerbaijani president's decree dated August 7, 2009, the Ministry of Finance of the Republic of Azerbaijan is involved in management of the banks having an authorized capital of the state-owned shares.
Azer-Turk Bank JSC was founded on May 25, 1995. Previously, the share of Ziraat Bankasi in the joint bank was 46 percent, while 4 percent was owned by Ziraat Bank Intenational AG and 50 percent belonged to the State Property Issues Committee of Azerbaijan.
The package of shares owned by the Azerbaijani side was redistributed in the summer of 2014. When founding the bank, the co-owners were Agro-Industrial Bank (currently, Aqrarkredit non-banking credit organization - 46 percent) and Turan Bank (4 percent).
The official exchange rate is 0.7844 AZN/USD Dec. 29.