IFC Became Full Stockholder of AGBank

Business Materials 25 December 2006 20:39 (UTC +04:00)

The International Financial Corporation (IFC) has bought 735,000 shares of Azerbaijan Joint Stock Investment Bank - AzeriGazBank (AGBank) to the sum of 1,470,000 AZN, Trend reports referring to a message spread by the bank. The face value of one share is 2 AZN.

According to the prospectus of issue, the placement was held through open signing at BSEX (Baku State Exchange). The broker of IFC in the above-mentioned deal was AGBank, which signed an agreement with IFC on selling 17,5% of its capital to the Corporation. The paid authorized capital of the Azerbaijan Bank will reach 9,000,000 AZN as soon as the placement of the new shares is concluded. At present, the authorized capital of AGBank is 7,200,000 AZN, however its joint capital reaches 10,408,620 AZN.

The issue on selling 17,5% package to the Asian Development Bank remains open. The Azerbaijan Bank held negotiations with this Bank as well.