A deal with financial securities was concluded in the OTC market in the amount of AZN 1 billion.
BSE does not disclose the parties or the subject of the transaction. However, it is clear that this is the first of the 3 billion AZN of interest secured bonds of the non-bank credit organization CJSC Agrarkredit.
The bond issue was registered on August 26 of this year. The timing of repayment and the interest rate are not reported.
The bonds were bought by the Central Bank of Azerbaijan, as it was determined by the decree of President Ilham Aliyev on pre-privatization financial restructuring of the International Bank of Azerbaijan on 15 July this year. The state owns 51.7% of the shares of the bank, which, due to poor financial management, was faced with billions of dollars of bad loans.
The bonds were issued for the acquisition of bad IBA assets by JSC Agrarkredit.
Proposals for the privatization of the state share in the IBA should be submitted to the Head of State by January 15 next year. -----08D
Economics
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