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International Bank of Azerbaijan completes regular placement of shares
This Friday completed a four-primary period for existing shareholders of OJSC International Bank of Azerbaijan. As of the morning of April 7 the bank managed to post a 63% stake (485 332 200) from the extra issue.
According to the report BSE, on Friday there was held a public offering. 49 applications for existing shareholders acquired shares (nominal value - 0.26 manat) totaling 15 305 500 manats.
Thus, in the absence of appeals from the existing shareholders this week, next week for two weeks, investors will have the right to purchase shares at par and above. At previous extra issue shares were bought by investors on the first day.
Total placements participated in 292 individuals and entities, including the Ministry of Finance (50.2% equity). The bank attracted to these transactions 126 million 186.3 thousand manats. The paid up share capital of IBA exceeded to date 494.5 million manat.
Upon completion of the placement, which must be held no later than 12 June, the registered capital of the International Bank of Azerbaijan will reach 568.3 million manat. IBA plans to raise from shareholders in the years 2015-2017 annually 100 million manats.
Underwriter of the bank's shares of additional issue is LLC International Transaction System.
The market value of the shares, with par IBA 0.26 manat is 0.18 manat per piece on April 7. IBA shareholders are 14 legal entities and around 1,800 individuals.
IBA was founded in 1992 and is the largest bank in Azerbaijan. The bank has two subsidiaries of commercial banks in Georgia and Russia, insurance, leasing and processing companies. - 08D-
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