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