Baku Stock Exchange arranged the full placement of 8445 shares of JSC AFB Bank on September 24.
BSE reported on September 26 that the shares were purchased by one investor. The bank does not provide for pre-emptive rights for the existing three shareholders. Most likely, the shares were bought up by LLC Gilan, paying 10,682,925 manat at once. This company until recently owned accommodation of 99.57% stake in the bank.
Thus, the paid-up share capital of JSC AFB Bank exceeded 70 million manat. The bank has one dormant subsidiary (AFB Capital with registered capital of 100 000 manat).
JSC AFB Bank was established in July 2008. By the beginning of this year, the shareholders' equity was 42.3 million manat. This year, the shareholders have revised its size three times.
At the beginning of this year JSC AFB Bank assets were 234.3 million manat. --08D--
Economics
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