International Bank of Azerbaijan Attracted 100 Million Manat from Investors

The State Committee for Securities registered on March 11 the prospectus of the shares of OJSC International Bank of Azerbaijan (IBA). According to the decision of shareholders on January 28 this year, the bank attracted from shareholders and investors 100 million AZN to increase the share capital.

Total production is 370 million 370 thousand 371 shares with a nominal value of 27 gepiks each. Upon completion of the issue, the share capital of the bank is 690 million 192.3 thousand manat.

According to the published Baku Stock Exchange prospectus, IPO will take no more than 3 months. In this case, existing shareholders have the right to buy shares proportional authorized capital.

In 2013, IBA adopted a strategy of increasing the authorized capital in the next 4 years to 500 million manat. As part of this strategy they have already attracted 300 million manat.

Currently in circulation are 2 billion 185 million 897 thousand 450 shares. The state represented by the Ministry of Finance has 51.07% of the shares of IBA.

By the end of 2013 there was distributed to the shareholders as dividends income amounting to 14 million 652.1 thousand manat. In addition, due to the profit for 2013 in October 2014 to increase the authorized capital of IBA there was sent 21 million 858.9 thousand manat. Denomination of shares was increased from 26 to 27 gepiks.

As of March 2 of this year IBA obligations to the government, Central Bank, local commercial banks and foreign borrowers are estimated 5 billion 333 million in manat equivalent, of which $ 500 million is in Eurobonds acquired by Citibank London (maturity date - June 11, 2019).

Note that the IBA has been operating since 1992. The group of International Bank of Azerbaijan also includes the subsidiary banks in Georgia and Russia, insurance, leasing and processing companies and others. -----08D