Shareholders of "Millikart" Agree with Cost of Pack of Shares for EBRD

Business Materials 25 May 2007 14:35 (UTC +04:00)

Azerbaijan, Baku / corr. Trend I.Khalilova / Shareholders of the "Millikart" LLC made a decision to transfer 9% of its shares to the European Bank for Reconstruction and Development (EBRD), said the Executive Director of the Processing Centre, Jalal Orujov. According to him, the nominal cost of the shares transferred to the EBRD amounts to AZN 270,000. "Attracting such an international institute to the shareholders will foster the development of "Millikart" and increase its image. In addition, the EBRD will provide technical assistance to the Centre," Orujov said. Presently the EBRD studies the constituent documents of "Millikart".

The bank's participation in the capital of the Centre is currently a minimum 1% and maximum 10%. Presently it has been formed by 18 shareholders to the amount of AZN 4 mln.

Commercial shareholder ParaBank agreed to sell part of its shares to EBRD. ParaBank possesses 10% shares in the Centre and decided to sell 9% and keep 1%.

"Millikart" was established on 14 June, 2006. The founders of the centre are Atabank, AzerDamirYolBank, AzerTurkBank, Bank of Baku, CIBank DebutBank, AmrahBank, KhlgBank, KredoBank, Microfinancing Bank of Azerbaijan, ParaBank, RabitaBank, RespublikaBank, Bank Standard, TekhnikaBank, TuranBank, UniBank and ZaminBank.