Bank Technique to Increase Authorized Capital from New Shareholders

The State Committee for Securities registered on the 10th of July the prospectus of 15,245 shares of Bank Technique at a value of 1 thousand manats each. This is the first offering of shares of the bank after a major change in the composition of its shareholders this year.

According to the Baku Stock Exchange promulgated the prospectus, offering suggestions by their mass will begin within five days after their state registration, which will be reported as additional sites on the exchange, and the bank. Existing shareholders granted a 20-day period for the acquisition of rights of the advantages of a pro rata share of the shares. In general, placing the shares, the issue of which shareholders approved in September of 2012, may be made not later than in 90 days. Underwriter of the shares is a brokerage company Tekhnika Capital Management - one of the two subsidiaries of JSC Bank Technique.

Previous issue 4008 shares with a total nominal value of 4 million 8 thousand manats, registered in April 2012, has been canceled by the court.

In the prospectus of the bank it is noted that the shareholders of Bank Technique are two legal entities (Beaford Investissements, Luxembourg - 75% and Kazimir Caspian Fund Limited, Cayman, United Kingdom - 10%) and three local individuals (Alihuseyn Asgerov , Habil Djavadov and Kamran Akhundov - only 15%).

Last year Tekhnika Bank went through hard times and changed not only the name (in September the bank was called Bank Technique), which it bore from 1998, but also the two major shareholders - LLC World Wines and Etibar Aliyev (former Chairman of the Supervisory Board), which owned 75% and 15%, respectively.

In 2014, JSC Bank Technique will celebrate its 20th anniversary. The authorized capital is 64,755,000 manats. - 08B-