The term of placement of shares of the International Bank of Azerbaijan has been extended until July 25, said the BSE. This decision made by the shareholders on May 20 was not made public.
Placement of shares totaling 200 million manats started on December 12 last year, and was to be completed on June 12th. By the time were not placed shares with a total nominal value of about 5 million manat.
According to brokers, the market price of one share of IBA for the last additional issue fell from 19 to 16 gepiks at its nominal value 26 gepiks. Therefore, approximately 1,500 minority shareholders do not participate voluntarily refused to raise capital.
Upon completion of the placement of the authorized capital of International Bank of Azerbaijan will reach 568.3 million manat. Note that the last general meeting of shareholders in 2013 decided to allocate part of the net profit to improve the charter capital by increasing the par value of the shares. However, the bank's board has not released information about the decision. According to the strategy of capitalization in the years 2015-2017, IBA plans to raise annually 100 million manat from each of the shareholders. -08D-
Economics
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