Increase in Azerigazbank’s Market Price after IFC’s Admission
Azerbaijan, Baku / corr Trend I.Khalilova / Chingiz Asadullayev, the Head of the supervisory board of Azerigazbank (AGB) said that the AGB market price has increased after the admission of the International Finance Corporation (IFC) into its capital.
In accordance with the agreement between IFC and AGB, signed on 8 September 2006, the corporation acquired 17.5% shares (735,000) in the bank's capital at AZN 1.470mln.
"As a result of IFC's inclusion, it is possible to discuss the sale of shares at its face value. Our stock can be sold at a minimum of 1 to 3 and we will do our best to increase the market price of the banks," Asadullayev stressed.
Currently, 3-4 proposals submitted by foreign investors are under consideration. It has been said that the bank should consider increasing its capital as the rise in assets leaves behind the growth of capital.
The Bank's assets comprise AZN 105-110mln, credit portfolio AZN 75-76mln. After IFC's entry to Azerigazbank, the latter's statutory capital has increased and made up AZN 9mln and the aggregate capital increases AZN 10mln.