State Securities Committee Registered Issue of Stocks for Kovser Bank

Business Materials 8 December 2006 19:42 (UTC +04:00)

The State Committee for Securities has registered the issue prospectus of ordinary registered stocks for Kovser Bank OJSC, Trend reports referring to the press-release of BSEX (Baku Stock Exchange).

The volume of the issue is 3,600,000 AZN, face value per stock in 200 AZN. According to the issue prospectus, placement will be held by means of the public subscription method at the Baku Stock Exchange.

Standard Capital LLC will be the underwriter of the placement of stocks.

Today, the capital of Kovser Bank reaches 5 mln. AZN, and in order to meet with the normative requirements of the Central Bank of Azerbaijan, the leadership of Kovser Bank is holding negotiations with its potential stockholders, said Heydar Ibrahimov, President of the Bank.

There are a lot of people who would like to become our stockholders, but we could not receive all proposals. We wish that World Leading Islamic financial institutions become our stockholders. I think there will be no problems with bringing our joint capital up to 8,2 mln. AZN till January, 2007, said Mr. Ibrahimov.