Bank Nikoil Places Shares Totaling AZN 90 Million

The Baku Stock Exchange placed shares of JSC Nikoil Bank for a total amount of 90 million manat on October 25. This regarded 45 million shares at the price of 2 manat each. The shares were placed behind closed doors.

Earlier it was reported that the authorized capital of JSC Nikoil Bank will be increased to 184,500,000 manat.

The authorized capital increase was planned in the framework of the banking sector rehabilitation program run by the Financial Markets Supervision House over the financial market of Azerbaijan.

In the first stage, the main shareholder JSC Topaz Investments fully redeemed part of the new issue of the bank’s shares in the amount of AZN 60 million, resulting in the bank's authorized capital adjusted to AZN 94.5 million.

Placement of the issue of bank shares at 90 million fully completed the stage to increase the bank's authorized capital to 184,500,000 manat.

Thus, Nikoil Bank in terms of its authorized capital has become one of the first five banks in Azerbaijan.   ----71D