JSC AtraBank Unable to Place Shares in Time

JSC AtraBank has extended the deadline for completion of the placement of additional shares in the amount of 40 million AZN to 30 December this year.

According to the website of BSE, as of November 11, paid-up share capital of the financial structure is 36 million 468.8 thousand manat. In accordance with the IPO started in November 2013, the authorized capital should grow to 50 million 424.8 thousand manat. Additional issue is divided into 100 000 shares with par value of 400 manat per security. Accommodation was to be completed in late November, but it was extended until the end of the year.

In case of success AtraBank will meet the minimum capital requirements of banks established by the Central Bank of AR - that is, at the beginning of 2015 all the country's banks must have a minimum capital at the level of 50 million manat.

JSC AtraBank was created in 1991. It operates 13 branches, 2 sub-branches and 24 currency exchange points. The bank has 10 branches in Baku and 3 in the country. Its shareholders are more than 30 individuals. --17D-

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