![International Bank to Place Shares for 600 Million Manat](https://turan.az/resized/./turan-750-500-resize.webp)
International Bank to Place Shares for 600 Million Manat
The International Bank of Azerbaijan today, on January 16 announced plans to place 2 billion 222.2 thousand shares of common stock totaling 600 million manat through the Baku Stock Exchange.
The investment memorandum noted that the offering is planned for the first quarter of this year at their face value - 0.27 manat for 1 piece.
The shares will be placed by the mass proposals in the form of subscription. Subscription starts on the next working day after the state registration of the shares and will be completed within three days. The IPO has been allocated 12 working days.
The funds raised from the issue will be used to eliminate the negative impact of the devaluation, the creation of additional reserves for the growth of the loan portfolio and so on mandatory requirements to commercial banks.
At present the paid-up share capital of OJSC International Bank of Azerbaijan is 641 million 287.2 thousand manat.
The document says the decision on the additional issue of shares was made at the general meeting of shareholders in February 2016. However, a year earlier the decision (https://goo.gl/dRqinv) noted the plans of share issue of 500 million manat. ----08D
Economics
-
Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
-
Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
-
The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
-
There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
Leave a review