The Microfinance Bank of Azerbaijan appealed to the State Securities Committee within the Azerbaijan Presidential Administration with a request to prolong the terms for paying the authorized capital to the required level, till September 1, 2007. Trend has been informed by the Bank that in accordance with a decision taken by the General Assembly of the Shareholders of the Bank in December, 2007, the authorized capital of the Bank was expected to increase up to 11 mln. AZN. Although the term of payment is proposed to be prolonged till September, 2007, this process is really expected to be completed in the nearest future. The formation of the new capital will be carried both via the existing shareholders and a new one - Access Microfinance Holding, a commercial holding company on microfinancing.
The share of Access Microfinance Holding will reach 9,95%, and the Company will nominally pay 1,095 mln. AZN for the possession of 1,095 shares. At the same time, the ratio in the other shareholders share holding will also be changed. At the previous capital of 6713, 370 thousand manats, 24,96% (1069,108 thousand manats) вЂ" belonged to KfW, LfC вЂ" 5,69% (560 manats), the Black Sea Bank for Trade and Development (BSBTD) and the International Financial Corporation (IFC) - 25,55% (1715,095 thousand manats) each, Р° EBRD вЂ" 18,7% (1225,097 thousand manats)/ After the capital increase, KfW share will reduce down to 24,95% (at the same time the participation in the formation of the capital will be at the level of 2 745 thousand manats), LfC вЂ" to 5,09% (779 thousand manats), BSBTD and IFCвЂ" 20% (2200 thousand manats) each, EBRD share will increase up to 20% (2200 thousand manats).
Access Microfinance Holding, is a commercial holding company on microfinancing. It was established in Berlin in August, 2006. The stockholders of the Company are KgW, EBRD, IFC and Omidyar Tufts Microfinance Fund. The authorized capital of Access Microfinance Holding is в'¬18 mln. The company has been included into the team of the stockholders of the bank as well. The main task is to put capital into the institutions of microfinancing and develop the investments by means of financial shares, as well as hold an administrative services presented by the technical partner - LFS Financial Systems GmbH (LFS).